Top 10: Cost Reduction Tools for Procurement
Companies around the world are turning to various platforms in order to streamline their procurement processes and make better cost-saving decisions.
When working in business, saving money is always a good thing, but it can be an overwhelming and slow process when working manually. So, to improve cost savings and create faster processes, platforms have designed a range of tools to help businesses save big.
Here at Procurement Magazine, we look at the Top 10 cost reduction tools which companies can use to save money throughout their procurement strategies.
10. Sievo
Company: Sievo
Employees: 200-500
CEO: Sammeli Sammalkorpi
Founded: 2003
Sievo aims to help procurement and finance teams capture all insights and drive bottom-line savings in order to streamline budgeting and forecasting. It relies on a combination of internal, third-party and cross-customer data to provide the most reliable insights.
Sievo’s Spend Analytics can help companies annually save 11% through actionable insights. It automatically extracts data from ERPs, data lakes and procurement systems, so no manual work is required.
9. Oracle Procurement Cloud
Company: Oracle
Employees: 160,000
CEO: Safra A. Catz
Founded: 1977
Oracle Fusion Cloud Procurement automates business processes, enables strategic sourcing and simplifies buying. This results in lower risk, better savings and improved profit. Oracle Cloud enables companies to identify cost savings by leveraging analytics, meaning that efficiency and savings are increased.
The tool provides guided authoring with built-in collaboration. This means negotiations can happen faster and more efficiently. Purchasing is simplified through automated purchase orders and automated invoice processing.
8. JAGGAER
Company: JAGGAER
Employees: 1,200
CEO: Andrew Roszko
Founded: 1995
JAGGAER’s Procure-to-Pay platform provides end-to-end visibility and help throughout a company’s spending.
Using real-time data and analytics, JAGGAER consolidates direct and indirect spend data into a single space, helping companies make more informed, more efficient and more cost-effective decisions.
The platform has allowed companies to see 85% savings in time spent on invoice processing and helps companies unlock early payment discounts.
7. GEP SMART
Company: GEP
Employees: 1K-5K
CEO: Subhash Makhija
Founded: 1999
GEP SMART is GEP’s source-to-pay platform for direct and indirect procurement. Powered by AI, this software helps companies transform their procurement operations with a unified software. Through GEP SMART, every step of the process is optimised for absolute efficiency.
Its range of functions help businesses understand spend quickly and optimise savings opportunities based on their working strategies. Businesses can gain real-time visibility of cost-saving initiatives, ultimately eliminating redundancy and manual errors.
6. Icertis Contract Intelligence (ICI)
Company: Icertis
Employees: 1,700+
CEO: Samir Bodas
Founded: 2009
Icertis Contract Intelligence transforms contract data into something businesses can actually work with. Using AI, it interprets, optimises and operationalises contracts.
This helps companies understand the full potential of their business relationships. Once businesses have all the required data, they can make informed decisions to effectively negotiate and approve business opportunities. ICI helps accelerate these movements whilst reducing risk and missed obligations.
5. SAP Ariba Sourcing
Company: SAP
Employees: 109,000+
CEO: Christian Klein
Founded: 1972
SAP Ariba Sourcing helps companies strategically source materials from millions of suppliers around the world. Sourcing cycles are sped up and SAP Ariba Sourcing allows businesses to effectively react to changing requirements.
The platform helps sourcing managers negotiate lower pricing with suppliers and respond to demand. It allows companies efficiently execute sourcing strategies to ensure they’re getting the optimal resources at the best prices. Its guided sourcing processes streamline workflows and provide informed recommendations for next steps.
4. WNS Procurement
Company: WNS
Employees: Approx 64,500
EVP and Business Unit Head of WNS Procurement: Mita Gupta
Founded: 1996
WNS Procurement, powered by The Smart Cube, delivers high-impact intelligence which answers critical questions to help global businesses thrive. Through the combination of AI-powered analytics, custom research and cutting-edge platforms, WNS Procurement transforms data into clear insights.
As a result, entire companies are made more efficient though faster and smarter decision making. WNS Procurement works to ensure data presented to companies is reliable and timely to provide the best up-to-date solutions.
3. Zycus
Company: Zycus
Employees: 1K-5K
CEO: Aatish Dedhia
Founded: 2001
Zycus allows teams to unlock value through its source-to-pay solutions, particularly with its Merlin AI Agentic Platform. It orchestrates intelligent AI agents to create simplified and efficient processes.
With Zycus iAnalyse, companies can maximise cost efficiency, gain real-time insights and eliminate maverick spend. From spend analysis to payment, companies can maximise savings end-to-end, with total spend intelligence across every category.
2. Zip
Company: Zip
Employees: Approx. 1,000
CEO: Rujul Zaparde
Founded: 2020
When Rujul Zaparde and Lu Cheng co-founded Zip, they aimed to turn the procurement process into an efficient and effortless experience. The procure-to-pay product exists to increase spend visibility and control whilst keeping the process simple.
It records all the information needed to ensure visibility throughout the entire process and uses AI to extract invoice details as a means to minimise errors from manual entry.
1. Coupa
Company: Coupa
Employees: 1k-2k
CEO: Leagh Turner
Founded: 2006
Coupa’s Spend Analysis software allows businesses to view all their spending at once.
This offers ultimate control over spending and budgeting, as well as allows for companies to build their strategy. Coupa Spend Analysis provides data-driven insights to allow businesses to understand their competitors and what their standing is.
The tool allows companies to compare spending insights against their own goals, identifying where savings can be made. Coupa AI also has the ability to detect potential fraud, helping companies manage risk more effectively.
