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Best 8 Purchasing Software For Biotech Companies
Purchasing software for Biotech is a crowded market. Search for “Purchasing Software” on the G2 marketplace and find 185 listings.
So, rather than spending endless hours searching the internet for the top purchasing software for biotech, we compiled a list of vendors to consider. We also provide a quick checklist you can use to compare the features across these vendors.
Click here to download the purchasing software checklist.
We reviewed the vendor websites and listed the top features offered by each vendor. Read till the end to figure out how to select the best solution for your needs.
So here is the list of the top purchasing software vendors for Biotech: The vendors are categorized by their market focus.
The list comprises two categories of specialized software vendors, one for biotech startups and small life science companies and the other for large enterprise companies. In this case, we define enterprises as life science/biotech companies with over 250 employees.
If you are a Biotech Startup with Series A/B or C funding, consider the following options:
- ProcureDesk – Best for Biotech startups purchasing lab supplies from different vendors.
- Procurify – Best for biotech companies that are mostly purchasing CRO services.
- Precoro – Best for companies who are looking for a flexible pricing structure.
- Quartzy – Best for companies who mostly purchase lab supplies
- Kissflow – Best for companies looking for an enterprise-level workflow tool for automating different workflows.
If you are an established company with more than 250 employees, consider the following vendors.
- Coupa – Best for large-scale biotech operations prioritizing spend visibility.
- Jaggaer – Best for established biotech giants needing holistic procurement solutions.
- SAP Ariba
Let’s look into the details of each one of them:
1. ProcureDesk
Pricing starts at: $380/month
ProcureDesk is a purchasing software designed for small to medium-sized companies. It helps a Biotechnology company control costs and increase cashflow visibility by automating purchasing and invoice matching.
The system provides end-to-end procure-to-pay automation, including features like punchouts and strong integrations with accounting systems. It simplifies the buying process and keeps track of all purchases, so companies (example: pharma companies) can easily manage their spending.
Pros:
- Strong punch-out support that makes it easier to purchase from different websites without losing any discounts or manually copying and pasting the data
Cons:
- There is no payment option like many other procure-to-pay systems. That means you can either pay from your accounting system or use a third-party payment platform like Bill.com
Get it if you want a seamless purchasing experience without having to manually copy-paste the data from different websites or build an internal catalog list.
Best For:
ProcureDesk is best for Biotech startups looking for a complete solution for their lab supplies purchased and other services like CRO (Contract Research Organization).
Top Features:
- Configurable requisitions make setting up a purchase requisition process that suits your specific needs easier.
- Budget internal controls ensure that you don’t go over budget. Define budgets at a granular level, like account, class, department, etc.
- Configurable approval workflows ensure that the purchase request is reviewed and approved at the appropriate level. Configure it once, and then forget about your compliance needs.
- Punchout catalogs to build your marketplace of your top vendors. No need to continuously update price sheets or copy-paste data from the different vendor’s websites. ProcureDesk supports integration with major favorite vendors like ThermoFisher, Fisher Scientific, VWR, and many more.
- Purchase order automation so scientists don’t need to spend their precious time creating and sending the purchase orders to the vendors. The system automatically sends the purchase orders to vendors.
- Purchase order tracking allows you to track the order acknowledgment and Advance shipping notice (ASN). Always know the whereabouts of your delivery without chasing the vendors and multiple email follow-ups.
- Receipts with lot tracking allow you to track granular receipt data. The lot tracking information ensures you know the expiration date of items like reagents.
- Visibility Into Inventory Levels so that you know the exact quantity of lab supplies you have at any time. Track inventory as per granular locations in your lab.
- Invoice matching ensures that your Accounts Payable and lab team are not spending time manually matching the invoices with the purchase orders.
- E-invoicing capabilities ensure that invoices are automatically captured from the vendors—no need to import invoices from emails. The system automatically receives and matches the invoices with the purchase order and sends it to your accounting system.
- Strong reporting and dashboard that provides cashflow visibility at your fingertips. Know exactly how much you spend on each experiment and forecast future costs.
- Mobile app support to ensure that you are continuing with the process on the go. No need to be in front of a computer to create, approve, or receive purchase orders and invoices.
Click here to read more about ProcureDesk Features
Purchase Requisition Management
While most purchase order software allows you to create a purchase order, growing companies need a process before the purchase order.
Even though all purchase requests end up with a purchase order, you still need the request approved for cost control and budget management.
With a purchase request, an employee can request the purchase with an estimated amount and have it approved by the manager.
Now let’s see how ProcureDesk helps you with purchase requisition management.
Creating Purchase Request
The key to an effective purchasing process is to make the requisition process easy for employees.
You don’t want to take a paper form and make an electronic version. You want to simplify the purchasing experience for your employees.
With ProcureDesk, employees can create a purchase request with fewer clicks without entering much information.
The system recognizes the user and then uses that information to set up default values for departments, classes, charts of accounts, projects, class codes, etc.
Here is an example of how user defaults work:
Vendor Catalogs
The finance team wants a detailed description of everything the employees are purchasing.
But for employees, it is a pain to type in the long product descriptions.
Instead, provide them with vendor catalogs that streamline the procurement process. With catalogs, employees can choose what they need to buy with a click.
Let’s say you purchase office supplies from Amazon.com.
With the click of a button, an employee can open up Amazon.com, pick what she needs and then send the data back to the requisition. This experience is called vendor punch-out catalogs.
Here is a sample of the punch-out catalog:
And this is how the data gets moved to the shopping cart.
In some cases, all you need is a simple list of items that you can purchase from a vendor.
You can build a simple item list with some basic information enabling employees with similar purchasing experience as the vendor punch-outs.
Here is how you can curate your catalog in purchasing software:
Budgets
ProcureDesk has inbuilt budget tracking & controls so that you can stay under budget.
It is easy to set up the budget or import from a spreadsheet or a system like QuickBooks Online.
After setting up the budget, employees can choose the appropriate budget for the purchase.
The system checks for the available budget and helps you keep the cost under control.
You can decide how you want the system to proceed if an adequate budget is unavailable.
For example – show a warning message when the budget is unavailable or block a purchase when a budget is not available.
Purchase Approvals
The system automatically assigns purchase approvals. Your employees don’t need to know who needs to approve the purchase.
You can configure the purchase approvals based on the amount, department, location, budget owners, and much more. You can easily configure your custom approval workflows.
The system checks the requisition against the purchase approval workflow and then identifies the required approvers for the purchase.
Here is an example of how the system identifies the purchase approvals:
In this case, the requester is John, and Mark is the approver who will review the approval request.
All the employee needs to do is submit the request for approval.
Once the request is submitted, the system notifies the approver of a pending request.
The approver can approve from the email without logging into the system or using the ProcureDesk mobile app for approvals.
The requester can track the status of the purchase requisitions from the purchase request dashboard.
For example – you can see what requests are pending approval or if the buyer has already issued the order for a purchase request.
Purchase Order Management
Once the requisition is approved, you can send the purchase order to the vendor. Purchase order management software automates this process.
If you have a purchasing team, they might want to review different requisitions to assess cost-saving opportunities.
You can quickly get quotes from different vendors with the supplier quote module.
Here is an example of comparing the cost of servers from 2 different vendors.
Once you have completed the quote process, you can convert the quote to a purchase order and issue the purchase order to the vendor.
Here are a couple of ways ProcureDesk helps you manage the purchase order management lifecycle.
Automated Purchase Order Creation
You don’t have to worry about converting purchase requisitions to purchase orders with automated purchase order creation.
This saves time, especially when you don’t have a purchasing or buying team.
You can identify what suppliers accept purchase orders, and the system can take care of the rest.
Here is an example of a purchase order that ProcureDesk automatically generates.
You can customize the purchase order template to include additional fields.
Merging Purchase Request Into A Purchase Order
Many vendors have a minimum order threshold for free delivery.
Sometimes, the vendors have tiered pricing where you can get discounts if you purchase more quantity on the same purchase order.
That is why it is helpful to review the open purchase requisitions and decide if you can merge them into a single purchase order.
You can save delivery and shipping costs by merging the different purchase requisitions into a single order.
The other thing to consider is negotiating free shipping with the vendor.
The vendor might offer you free shipping if you have a higher purchase volume.
Tracking Vendor Acknowledgment
Due to the current supply chain challenges, it is more important than ever to keep track of vendor acknowledgments.
If a vendor doesn’t acknowledge the order, you don’t know when and if they will ship the product.
There are multiple ways to get order acknowledgment information.
For example, you can add instructions on the purchase order for sending the order acknowledgment.
For example, you could set up an email, purchasing@yourcomany.com, where the vendor can send the invoice.
The other alternative for the vendors is to use the ProcureDesk vendor portal to provide order acknowledgment.
Here is an example:
Tracking Order Shipping Information
With ProcureDesk, you can track the delivery of your order without going to an individual carrier site.
The vendor can send the ASN (Advance Shipping notice) electronically, or you can enter the shipping information on their behalf.
Here is an example of how you can track the advanced shipping information:
Once you have the tracking information, the system can send you an email notification as and when the status of the package changes.
Receipts To Confirm Delivery Of The Purchase Order
Once you receive the product, you receive a supplier invoice. The Accounts payable team can do invoice matching and pay the vendor.
However, the Accounts Payable (AP) team cannot know if you received the product. If you don’t have a receipt for a purchase order, the AP team needs to get invoice approvals before payment.
That is why it is important to create receipts to inform everyone that you have received the product.
Here is an example of a receipt:
You can create partial receipts enter the serial number and asset tracking information.
You can also track the expiration of items, for example, for different chemicals or other similar products
The above features give you a complete order management system.
Inventory Management
With inventory management, you can easily track the inventory of stocked items.
To start tracking the inventory, you first have to identify the items and set up key inventory control.
For each inventory item, you can manage the following information:
- Inventory location
- Min and max levels
- Re-order point
Once you have the basic configuration, the system tracks the inventory for you.
You can upload the inventory of your existing items or let the system update the inventory as and when you receive a new item.
Here is how you can track the inventory by location:
Once you start tracking information, you can set up automatic rules to re-order items once the item count falls below the set threshold.
Inventory Consumption
There are three ways to use ProcureDesk for tracking inventory consumption.
You can create a release every time you want to use the product. Creating a release reduces the on-hand inventory and tracks who is using the inventory.
Here is a screenshot of the release.
You can track when it was released, to whom, and for what purpose. You can also track other useful information, like how the employee picked up the inventory item.
The second option is to create a requisition.
This process is very helpful when your employees need a single place to request items from the vendors or the inventory.
When the user searches for the product, she can see the available inventory and then order directly from the inventory.
The system creates an inventory order and sends it to a buyer to release the inventory.
When the inventory is released, the on-hand is updated.
The third option is to do a physical inventory count and then update the data in the system.
You are doing a physical inventory count at the end of every month. In that case, you can upload the inventory report and update the inventory count.
Inventory Valuation Report
An inventory valuation report gives you a snapshot of the total inventory value at any time.
Suppose you are using ProcureDesk to issue the inventory. In that case, you always have an accurate record of your on-hand inventory.
Here is an example of the inventory valuation report:
The price of the item can be an average price. You can also use other inventory valuation methods like LIFO (Last In, First Out) and FIFO (First in, First Out).
Supplier Management
Is managing suppliers a problem for you?
Supplier management features can help.
Supplier management lets you keep track of your supplier information in one place.
Managing Vendor Information
With ProcureDesk, all your supplier information is in one single place.
You can track key vendor information like Vendor tax details, D.B.A name, delivery locations, and key contacts.
Suppliers can use supplier portals to respond to requests for quotes, track open purchase orders, and submit invoices against the purchase order.
The supplier portal enables self-service for vendors, reducing the number of inquiries the AP team receives.
For example – a supplier can track the status of the open invoice and track the payment status.
Cost Control Dashboard
Want to get better cash flow visibility – The cost control dashboard provides you with exactly that.
With the Spend management dashboard, you can see all your spending in one dashboard.
For example:
You can see what you are purchasing, from whom and who is purchasing within your company.
You can track monthly spending trends to keep a pulse of purchasing behavior within your company.
Or you can track the payment terms across the vendors and identify opportunities for negotiating better payment terms.
Extending the payment terms is probably one of the most important levers in increasing the cash flow.
Of course, you need good credit history with the vendor for that to happen. That is why it is important to move to an invoicing process so that you can build up the credit history with the vendor.
As you scale your operations, you will have opportunities to pay the vendor sooner than the agreed terms and avail of any early payment discounts.
You can review the open order report to track your open commitments.
An open report gives you a quick snapshot of how many purchase orders are open, what is already invoiced and what is pending to be invoiced.
You can use this information to plan your spending better.
Pricing:
- ProcureDesk pricing starts at $380/month.
- The base packages have 10 users and all the key features needed to support your purchasing automation needs. If you need less than 10 users, talk to a product specialist.
- The base price includes unlimited punchout catalogs.
- Additional add-ons include Accounts payable, expense management, inventory management, contract management, and supplier management.
2. Procurify
Price: Starts at $2000/month
Procurify, a leading spend management solution, offers a blend of simplicity and clarity for businesses to monitor and control their expenses. Its intuitive design makes purchasing processes accessible, even for those without a financial background.
Pros:
The platform shines with its real-time tracking system, allowing procurement teams to see how expenses stack against budgets immediately. This ensures more proactive decision-making and prevents budget overruns.
Cons:
While user-friendly, Procurify might fall short regarding deep analytics or integration capabilities, especially for larger enterprises with more intricate needs.
Best For:
Procurify is best suited for growing Biotech companies (example: pharma companies) that need a general-purpose e-procurement solution to meet the company’s needs.
Top Features:
- Purchase requisitions for automating your purchase requisition process.
- Purchase order automation for automating the generation and dispatch of the purchase orders.
- Immediate Budget Tracking so that you can see how expenses align with set budgets.
- Tailored Approval Procurement Workflows so you can set up hierarchies for the purchase approval process.
- Robust Reporting so that you can visualize spending habits and areas for improvement.
- Vendor Management to keep vendor information and communication in one place.
- Mobile app to create, track, and approve expenses on the move.
- Invoice matching to ensure matching of invoices with purchase orders.
- ACH payments to vendors through ACH after a Bill is approved.
Click here to read more about Procurify Features
Purchase Requisition Management
Procurify requisition management modules help employees to create purchase requests easily.
With the inbuilt catalogs, it is easy for employees to create purchase requisitions.
Procurify supports both self-managed catalogs and catalogs managed by the vendors, also called Punch-out catalogs.
You can create unlimited catalogs; however, the support for punchout catalogs is limited to a few vendors.
With the customizable workflows, you can route the request for approvals to different stakeholders. Procurify also supports approvals using a Mobile app. It makes it easier to approve requisitions on the go.
You can set up workflows based on the amount, location, department, GL account, and other common variables.
With built-in budget management, you can track budget consumption in real-time. This supports better Spend management and ensures the departments stay within the budget.
Purchase Order Management
With purchase order management, you can convert a purchase requisition into a purchase order.
You can also consolidate the purchase requisitions into a single purchase order.
The purchase order gets dispatched to the vendor.
It is not clear whether the system has any inbuilt vendor acknowledgment process. It might be a manual process to confirm the order receipt by the vendor.
However, you can create a receipt to track the purchase order delivery. This helps with the 3-way match process because the system can match the invoice with the purchase order and receipt.
Procurify has most of the common purchase order management system features.
Inventory Management
As per the Procurify website, there is no capability to track the purchased items’ inventory.
Supplier Management
Procurify allows you to track all your suppliers in one single place.
You can create and manage existing suppliers.
In addition to the basic supplier data management, Procurify also provides you with a performance scorecard.
With the supplier performance scorecard, you can track the supplier’s overall performance. The system calculates the performance score using delivery time, quality, and user ratings.
You also have the capability for the employees to rate the vendors.
Cost Control Dashboard
With a central Spend dashboard, you can see all your purchases in one single place,
For example, you can see total orders by the department and the top Spend categories.
You can then filter the Spend report by different date ranges and so on.
Pricing
Procurify doesn’t mention pricing on its website. But they do offer a complete procure-to-pay automation solution.
Here are the multiple packages on their website. You can call the vendor to get a price quote.
- We recommend that you start with the Pioneer package.
- If you need single sign-on capabilities, then upgrade to the voyager plan.
Pricing:
- Procurify offers a simple all-in-one price for $2,000/month.
- The all-in-one price includes all platform features, from purchasing to invoice integration process.
- Includes 50 users, 1 domain, QuickBooks, Single sign-on, and 3 punchouts.
3. Precoro
Pricing starts at $35/user when billed annually
Precoro emphasizes eradicating manual tasks, time-consuming procurement administrative tasks as an all-in-one purchasing solution. It boasts automation capabilities, turning tedious processes into simple clicks.
Pros:
The platform’s standout is its complete automation from purchase requisitions to invoice approvals, eliminating manual data entry and reducing errors. There are no separate packages; you get all functionality from purchasing to invoice processing.
Cons:
Precoro might come across as overly comprehensive for businesses only needing a basic tool, potentially complicating the user experience.
Best For:
Precoro is the best suite for biotech organizations (example: pharma companies) looking for a flexible pricing structure. For example, if you want to start with just one user, starting with only one with Precoro is easier.
Top Features:
- Purchase requisitions to automate the paper-based purchasing process.
- Automated Purchasing: Generate POs based on approved requisitions.
- Budget controls to ensure that you can control your spending.
- Customizable Workflows: Adjust the procurement process to match company needs, which includes approval by locations, departments, projects, and custom fields.
- Visual Spend Analytics: Gain insights into spending patterns.
- Cloud-Based Access: Securely access from anywhere, anytime.
- Integrated Supplier Database: Centralized vendor information and performance.
- Invoice matching that includes 3-way invoice matching.
Click here to read more about Precoro Features
Purchase Requisition Management
Precoro purchasing requisition module allows employees to create purchase requests quickly.
Employees can create purchase requests by entering the information manually, or you can select an item from an internal catalog.
When writing this article, there is no capability for punchout catalogs. That means you have to spend more time creating and managing catalogs.
The purchase request is sent for approval, and once it is approved, you can issue a purchase order for the vendor.
Purchase Order Management
With the purchase order module, you can create purchase orders from a purchase requisition or create a purchase order without a purchase requisition.
There is support for budgets so that employees can assign the budgets to a purchase order request.
You can also set up recurring purchase orders.
Inventory Management
Precoro supports basic inventory management features. You can set up new items for which you want to track the inventory.
Once the inventory item is set up, you can track inventory across multiple warehouse locations.
The users can then request an item from the inventory or purchase from the vendor.
The system also provides granular access control on who can order and request the release of inventory items.
Supplier Management
Precoro offers supplier management capabilities that include:
- Creating and managing supplier information.
- Inviting vendors for self-onboarding.
You can create suppliers one at a time or simply import the suppliers in bulk.
With the self-service, it is easy to onboard new suppliers.
The system also allows you to gather supporting documents like insurance certificates.
Cost Control Dashboard
The tools lack detailing reporting and a cash control dashboard.
However, there are three reports that a user can customize.
There is a purchase request report, order report, and a Bills report.
You can then filter and customize the report to find what you are looking for quickly.
Pricing:
- Precoro pricing starts at $35/user when billed annually.
- The pricing includes all features. There are no separate tiers for different functionality.
- Pricing includes standard onboarding and support and unlimited document storage.
4. Quartzy
Pricing starts at $159/month
Tailored for the life sciences sector, Quartzy bridges lab management and procurement. This unique blend ensures both lab resources and purchases are meticulously tracked.
Pros:
Its specialization for labs is its ace card. Quartzy understands the nuances of lab management, making inventory and order management seamless.
Cons:
Its dedicated focus on labs might make it less versatile for broader biotech operations outside the lab environment.
Best For:
Best for small companies who don’t want to deal with different vendor catalog and pricing.
Top Features:
- Requests module for creating, approving, and tracking purchase order requests.
- Custom approval workflow to route the purchase request for approvals.
- Inventor tracking to ensure that you have an accurate view of your inventory.
- Integrated catalogs with custom pricing from Quartzy.
- Mobile app to track and approve inventory requests
Pricing:
- Pricing starts at $159/month for 5 users. Additional users can be added for $29/month.
- Special pricing for academic and non-profit organizations starts at $12.41/month/user.
- The started plan doesn’t include integration with the accounting system and custom approval workflows.
5. Kissflow
Pricing starts at $2499/month
Kissflow, more than just a procurement tool, is a unified digital platform catering to diverse business processes. Its flexibility and adaptability have made it a favorite among varied sectors, including biotech.
Pros:
Its chief advantage lies in its adaptability. Beyond procurement, Kissflow can be molded to manage different business processes, providing a centralized system.
Cons:
This multi-functionality can also be a downside for firms exclusively seeking a dedicated procurement solution, as it can complicate the user experience.
Best For:
Best for Biotech firms desiring a multifunctional platform to automate enterprise-level workflows and not just procurement.
Top Features:
- Customizable purchase request process for creating the forms and fields to automate the purchase requisition process.
- Automated purchase order generation from approved purchase requisitions.
- Vendor management for setting up a vendor onboarding process through vendor registration and tracking vendor performance management.
- Analytics module to drive actionable insights from the purchase and invoice data.
- Process purchase invoices and perform 3-Way Match of invoices.
Click here to read more about Kissflow Features
Purchase Requisition Management
With the purchase requisition module, employees can create purchase requisitions electronically.
You can eliminate the manual paper process with purchase requisitions.
Like other vendors, Kissflow supports catalogs; however, the support for catalogs is limited to internal catalogs – the catalogs that are self-managed by the customer.
This could be an issue when the vendor provides many items, and the pricing often changes based on the market demand.
You can also set up Budgets for cost control.
The users can select the budget when creating a purchase request.
The approvers can see the budget consumption in real-time without calling their finance department.
Purchase Order Management
You can convert purchase requisitions into purchase orders with the purchase order management module.
One unique purchase management feature is that the approvers can see Spend insights while reviewing the purchase order.
The spend insights provide you with past purchase history. You can see past Spend and transaction details.
Inventory Management
At the time of the writing of this blog post, Kissflow doesn’t support inventory management capabilities.
Supplier Management
Kissflow allows you to set up and manage vendor information. You can create new vendors as well as edit information for existing vendors.
Kissflow also allows you to set up a workflow for vendor evaluation.
Let’s say you are a manufacturing company with very specific requirements around documents, certifications, etc.
You can set up a new workflow so that the vendor request gets routed to different stakeholders that need to review and approve the documentation provided by the vendor.
That speeds up the process and gives you a central place to document all vendor-related documents.
Cost Control Dashboard
Kissflow has analytics capabilities to support different reports and a cost control process.
You can see the budget vs. accrual trend or overall vendor performance.
The system allows you to track vendor quality trends and delivery performance like lead times.
Pricing:
- Kissflow pricing starts at $2499/month when billed annually.
- Pricing is based on the common features, transaction volume, and number of users.
6. Coupa
Please get in touch with the vendor for pricing information.
Operating in the cloud, Coupa’s procurement solution offers an exhaustive suite for spend management. Its design prioritizes visibility and control, essential for large-scale operations.
Pros:
Coupa’s standout is its comprehensive spend visibility, offering a clear picture from requisitions to payments.
Cons:
Smaller entities might find the platform overwhelming and less intuitive, given its extensive features.
Best For:
Large-scale biotech operations are prioritizing spend visibility.
Top Features:
- Unified Procurement Platform: Coupa provides a centralized solution for all procurement tasks, ensuring a streamlined and holistic experience.
- Guided Buying: The system actively guides users to make compliant, cost-effective choices, simplifying purchasing.
- Supplier Collaboration: Strengthen partnerships by easily collaborating with suppliers directly within the platform, facilitating effective communication and smoother transactions.
- Real-Time Visibility Benchmarking: Leveraging the power of Coupa’s community data, users can gain insights and benchmarks on their spending habits compared to industry standards.
- Advanced Approval Workflows: Customize and automate approval processes based on specific organizational needs, ensuring timely and compliant purchasing.
Pricing:
Coupa adopts a per-user, per-month model, offering various packages to suit different enterprise sizes and additional requirements. Please connect with the vendor to review your specific requirements.
7. Jaggaer
Please reach out to the vendor for pricing.
Regarded as a full suite for spend management, Jaggaer promises end-to-end procurement solutions. Its offerings range from basic procurement processes to advanced spend analytics.
Pros:
Its comprehensive nature ensures every procurement need is covered, all under one roof.
Cons:
For companies requiring only a fraction of its capabilities, Jaggaer might feel bulky and less user-centric.
Best For:
Established biotech giants need holistic procurement solutions.
Top Features:
- Comprehensive eProcurement Solution: Jaggaer offers an end-to-end digital purchasing platform, ensuring every procurement step is seamlessly integrated and managed.
- Supplier Management: Deepen and strengthen supplier relationships through centralized information management, performance tracking, and streamlined communication.
- Advanced Shopping Functionality: Its intuitive interface allows users to shop and compare products effortlessly, ensuring cost-effective purchasing decisions.
- Automated Approval Workflows: Establish and automate custom approval processes based on business rules, improving operational efficiency and regulatory compliance.
- Integrated Purchase-to-Pay: Unify the entire purchasing cycle times on one platform, from requisition to payment, enhancing transparency and reducing processing times.
Pricing:
Jaggaer operates on a monthly subscription basis per user, with various packages tailored to fit diverse business scales and needs. You should contact the vendor directly for a detailed assessment of your needs.
8. SAP Ariba
Please get in touch with the vendor directly for pricing inquiries.
Part of the renowned SAP suite, SAP Ariba is a cloud-powered solution offering procurement and supply chain functionalities. Its global reach and integration capabilities set it apart.
Pros:
The extensive Ariba Network is its crown jewel, connecting businesses to a vast global supplier base and fostering dynamic collaborations.
Cons:
Its vastness can make its initial setup and user training lengthy, especially for businesses new to the SAP ecosystem.
Best For:
A company in the biotechnology industry is seeking global supplier networks and integrated systems with their existing SAP ERP.
Top Features:
- Unified Spend Management: SAP Ariba offers a comprehensive solution combining direct and indirect spending, ensuring cohesive management across all procurement categories.
- Intelligent Procurement Operations: Leveraging AI and machine learning, the platform optimizes every phase of procurement, from source to pay, enhancing efficiency and reducing risks.
- Supplier Collaboration and Performance: Establish stronger supplier partnerships with insights-driven collaboration tools and monitor supplier performance with real-time analytics.
- Risk Management and Compliance: With integrated risk intelligence, companies can proactively identify and manage potential risks, ensuring compliance throughout procurement.
- Seamless Integration with ERP and Back-Office Solutions: SAP Ariba can easily connect with existing ERP systems and back-office solutions, ensuring a consistent flow of data and processes (both external and internal processes) across the enterprise.
Pricing:
Pricing is contingent on the modules chosen, catering to the diverse needs of large-scale businesses. Please reach out to your SAP representative.
Top Features To Compare In Purchasing Software
With its intricate operations, research-centric undertakings, and stringent compliance requirements, the biotechnology sector demands procurement systems to keep pace with its unique challenges.
Efficient procurement is about streamlining operations and ensuring the rapid and safe progression of research and product development. Here’s a closer look at the must-have features for procurement software tailored for the biotech arena.
Support For Punchouts
Specific equipment, reagents, and materials are pivotal in the biotech industry. Punchouts allow seamless integration between the procurement software and specialized biotech suppliers’ catalogs. This direct access ensures real-time updates on pricing, product availability, and specialty items, making the buying process experience improved efficiency and precision.
Flexible Approval Workflows
Considering the diverse range of materials and services required in biotech, from laboratory equipment to research services, customized approval workflows are crucial. They allow biotech firms to define approval processes based on the nature of the purchase, ensuring timely procurement and adherence to budgetary and compliance constraints.
Mobile App Support
Given biotech research and production facilities’ dynamic environment, mobile app support is invaluable. Whether a researcher needs to order a critical reagent or check the delivery status of essential equipment, mobile access ensures the uninterrupted progression of vital projects.
Enhanced Order Tracking
Biotech projects often run on tight timelines. Real-time order tracking ensures timely delivery of critical components, preventing potential project delays and facilitating efficient resource planning.
Reporting Capabilities
With R&D being a significant biotech component, data-driven procurement insights can be instrumental. Detailed reports clarify spending trends, vendor reliability, and supply chain efficiencies, guiding future research and production strategies.
Innovation
Biotech is at the forefront of scientific innovation. Procurement software that leverages AI, machine learning, and other advanced technologies can offer predictive insights, optimize procurement processes, and ensure the organization remains a step ahead in its research endeavors.
Ongoing Support
Given the specialized nature of biotech operations, robust support is crucial. From understanding the nuances of biotech-specific procurement to ensuring system updates cater to the evolving industry needs, ongoing support is a pillar of efficient procurement in this sector.
For biotech entities, it’s not just about procuring efficiently; it’s about ensuring that the procurement process aligns seamlessly with research, development, and production needs. Prioritizing these features ensures biotech organizations remain agile, compliant, and innovative.
The Bottomline
To recap, here are the best purchasing software for biotech:
- ProcureDesk: Best for Biotech startups purchasing lab supplies from different vendors.
- Procurify: Best for biotech companies that are mostly purchasing CRO services.
- Precoro: Best for companies who are looking for a flexible pricing structure.
- Quartzy: Best for companies who mostly purchase lab supplies
- Kissflow: Best for companies looking for an enterprise-level workflow tool for automating different workflows.
- Coupa: Best for large-scale biotech operations prioritizing spend visibility.
- Jagger: Best for established biotech giants needing holistic procurement solutions.
- SAP Ariba
In the world of biotech, where precision and efficiency are paramount, selecting the right purchasing software can make a world of difference. With a marketplace flooded with options, getting lost in the sea of choices is easy.
Hopefully, our curated list of top purchasing software vendors for biotech offers a lifeline for you to help you better navigate the biotech world.
From ProcureDesk to SAP Ariba, feel free to choose the best vendors to cater to your needs so you can finally streamline your procurement processes, enhance your productivity, and even boost your cost savings!
What you should do now
Whenever you’re ready… here are 4 ways we can help you scale your purchasing and Accounts payable process.
- Claim your Free Strategy Session. If you’d like to work with us to implement a process to control spending, and spend less time matching invoices, claim your Free Strategy Session. One of our process experts will understand your current purchasing situation and then suggest practical strategies to reduce the purchase order approval cycle.
- If you’d like to know the maturity of your purchasing process, download our purchasing process grader and identify exactly what you should be working on next to improve your purchasing and AP process.
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