Top 8 SRM Software Compared: 2024 Review

Supplier Relationship Management (SRM) software helps businesses centralize supplier data, automate processes, and make data-driven decisions to build strong supplier relationships.

Here’s a quick overview of the top 8 SRM software solutions for 2024:

  • Kodiak Hub: Cloud-based platform with modular tools for supplier data management, risk spotting, contract management, and performance improvement. Quick implementation within weeks.

  • Jaggaer: Suite of procurement tools including SRM, supplier selection, risk monitoring, AI analytics, spend analytics, and contract management.

  • SAP Ariba: Cloud-based procurement tool with a supplier portal, supplier data management, performance tracking, risk management, and procurement automation.

  • Medius: Cloud-based SRM package with a centralized supplier hub, self-service portal, credential validation, and report builder for performance analysis.

  • Coupa: SRM platform for supplier data, risk, and performance management, with supplier onboarding, contract management, AI insights, automation, and a supplier portal.

  • Ivalua: SRM solutions for supplier management, change tracking, spend analysis, contract analytics, and e-procurement, with a free supplier portal.

  • Zycus: Source-to-pay suite with supplier management, category management, contract lifecycle management, spend analysis, and e-procurement.

  • Kissflow: Workflow management and digitization for supplier self-service, paperless onboarding, vendor screening, performance monitoring, and corrective actions.

Quick Comparison

Software Key Features Implementation Time Cost Best For
Kodiak Hub Modular tools, reporting, integration Weeks Not disclosed Large enterprises
Jaggaer Supplier selection, risk monitoring, AI analytics Not disclosed Not disclosed Existing Jaggaer users
SAP Ariba Supplier portal, data management, performance tracking Depends on complexity Not disclosed Large enterprises with SAP
Medius Centralized hub, self-service portal, report builder Depends on complexity Not disclosed Mid-sized businesses
Coupa Supplier onboarding, contract management, AI insights Depends on complexity Not disclosed Existing Coupa users
Ivalua Supplier management, change tracking, spend analysis Depends on complexity Not disclosed Large enterprises
Zycus Supplier management, category management, spend analysis Depends on complexity Not disclosed Existing Zycus users
Kissflow Supplier self-service, paperless onboarding, performance monitoring Depends on complexity $1,990/month Mid-sized businesses

When choosing SRM software, consider your supplier network size, budget, customization needs, and integration with existing systems.

1. Kodiak Hub

Kodiak Hub

Kodiak Hub is a cloud-based SRM platform that helps procurement teams manage supplier relationships. It offers modular tools to handle supplier data, spot risks, manage contracts, and improve supplier performance.

Features

  • Modular tools for easy use
  • Reporting for data-driven decisions
  • Quick implementation within weeks
  • Integration with existing systems and third-party data
  • Automated dashboards and analytics for performance monitoring
  • Collaboration tools for supplier engagement

Implementation Time

Kodiak Hub can be set up quickly, usually within weeks, thanks to its cloud-based and API-based architecture.

Cost

Pricing is not publicly disclosed, but a free trial is available for testing its features.

Customer Support

Kodiak Hub offers support via phone, email, and online resources to assist during and after implementation.

2. Jaggaer

Jaggaer

Jaggaer is a suite of procurement tools, including SRM, aimed at improving supplier relationships and procurement efficiency.

Features

  • Supplier Selection: Choose suppliers based on detailed profiles.
  • Innovation Speed: Faster innovation processes.
  • Risk Monitoring: Predict and monitor risks.
  • AI Analytics: Embedded AI for visibility into outcomes and supply chain activities.
  • Spend Analytics: Access insights on spending anytime, anywhere.
  • Supplier Management: Full visibility of supplier performance.
  • Sourcing: Compare scenarios, manage pipelines, and engage with suppliers.
  • Contracts: Digitize and streamline contract management.
  • Category Management: Build and track procurement strategies.
  • Procure-to-Pay: Simplify the buying process.
  • Invoicing: Automate invoice creation and approval.
  • Inventory Management: Connect internal stockrooms and procurement.
  • Supply Chain Management: Automate purchasing of direct materials.

Implementation Time

Implementation time is not publicly disclosed but is designed to meet various business needs.

Cost

Pricing is not publicly disclosed. Jaggaer offers tailored solutions for different businesses.

Customer Support

Support is available via phone, email, and online resources during and after implementation.

3. SAP Ariba

SAP Ariba

Features

SAP Ariba is a cloud-based procurement tool with SRM features. It helps businesses manage supplier relationships and streamline procurement. Key features include:

  • Supplier Portal: Easy communication and collaboration
  • Supplier Data Management: Centralize and manage supplier information
  • Supplier Performance Management: Track and assess supplier performance
  • Supplier Risk Management: Identify and mitigate risks
  • Procurement Management: Automate and streamline procurement processes

Implementation Time

The setup time for SAP Ariba depends on the project’s complexity and the organization’s needs.

Cost

Pricing for SAP Ariba is customized for each organization and is not publicly disclosed.

Customer Support

SAP Ariba provides support via phone, email, and online resources to ensure smooth setup and use.

4. Medius

Medius

Features

Medius offers a cloud-based SRM package with a centralized hub. Suppliers can upload their information through a self-service portal, reducing administrative tasks and improving data accuracy. It also includes tools for validating supplier credentials and a report builder for performance analysis.

Implementation Time

The setup time for Medius’ SRM package varies based on the project’s complexity and the organization’s needs.

Cost

Pricing for Medius’ SRM package is customized for each organization and is not publicly disclosed.

Customer Support

Medius provides support via phone, email, and online resources to ensure smooth setup and use of their SRM package.

5. Coupa

Coupa

Features

Coupa is an SRM platform that helps manage supplier data, risks, and performance. It includes:

  • Supplier Onboarding: Easy setup for new suppliers.
  • Contract Management: Handle contracts efficiently.
  • AI Insights: Get data-driven insights.
  • Automation: Automate tasks to save time.
  • Supplier Portal: Collaborate with suppliers.

Implementation Time

The setup time for Coupa varies based on the project’s complexity and the organization’s needs. Coupa offers a user-friendly interface and extensive support to ensure smooth setup.

Cost

Pricing for Coupa is customized for each organization and is not publicly disclosed. Consider factors like ease of use, scalability, and customization when deciding.

Customer Support

Coupa provides support via phone, email, and online resources. They also offer training and onboarding programs to help users get the most out of their platform.

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6. Ivalua

Ivalua

Ivalua is an SRM platform offering various solutions like supplier risk management, sourcing, contract management, invoicing, payments, and analytics. It includes a free supplier portal for managing supplier profiles, credentials, financial information, and reviews.

Features

  • Supplier Management: Segment suppliers for review and approval.
  • Change Management: Track and audit changes to supplier records.
  • Spend Analysis: Analyze spending patterns.
  • Contract Analytics: Monitor contract performance.
  • E-Procurement: Streamline procurement processes.

Implementation Time

The setup time for Ivalua depends on the project’s complexity and the organization’s needs. Ivalua provides a user-friendly interface and extensive support for a smooth setup.

Cost

Pricing for Ivalua is customized for each organization and is not publicly disclosed. Consider factors like ease of use, scalability, and customization when deciding.

Customer Support

Ivalua offers support via phone, email, and online resources. They also provide training and onboarding programs to help users maximize the platform’s benefits.

7. Zycus

Zycus

Features

Zycus offers a source-to-pay suite with features like:

  • Supplier Management: Manage supplier profiles, credentials, financial info, and reviews.
  • Category Management: Segment suppliers for review and approval.
  • Contract Lifecycle Management: Monitor contract performance and track changes.
  • Spend Analysis: Analyze spending patterns across categories, suppliers, and locations.
  • E-Procurement: Automate procurement processes with workflows and templates.

Implementation Time

The setup time for Zycus depends on the project’s complexity and the organization’s needs. Zycus provides a user-friendly interface and extensive support for a smooth setup.

Cost

Pricing for Zycus is customized for each organization and is not publicly disclosed. Consider factors like ease of use, scalability, and customization when deciding.

Customer Support

Zycus offers support via phone, email, and online resources. They also provide training and onboarding programs to help users maximize the platform’s benefits.

8. Kissflow

Kissflow

Features

Kissflow’s SRM features focus on workflow management and digitization to improve productivity, collaboration, and transparency. Key features include:

  • Supplier Self-Service: Suppliers manage their own information and interactions.
  • Paperless Onboarding: Digital forms and automated workflows streamline onboarding.
  • Vendor Screening: Evaluate vendors based on performance, risk, and other criteria.
  • Performance Monitoring: Track and analyze vendor performance.
  • Corrective Actions: Address performance issues or non-compliance.

Implementation Time

Kissflow’s setup time varies based on project complexity and organizational needs. Its platform-centric approach and rapid workflow automation enable a relatively quick setup.

Cost

Kissflow’s pricing starts at $1,990 per month (billed annually). The cost includes features like e-procurement, assisted buying, AP automation, and a supplier portal.

Customer Support

Kissflow offers support through phone, email, and online resources. They also provide training and onboarding programs to ensure a smooth transition and maximize the platform’s benefits.

Pros and Cons

Here’s a summary of the advantages and disadvantages of each SRM software solution:

Software Pros Cons Best For
Kodiak Hub Improved supplier relationships, better data management Limited customization options, steep learning curve Large enterprises with complex supplier networks
Jaggaer Advanced analytics, robust reporting High implementation costs, limited flexibility Organizations with existing Jaggaer investments
SAP Ariba Comprehensive supplier management, advanced analytics High costs, complex implementation, steep learning curve Large enterprises with existing SAP investments
Medius User-friendly interface, automated workflows Limited customization options, limited scalability Mid-sized businesses with straightforward supplier networks
Coupa Robust spend management, advanced analytics High implementation costs, limited flexibility Organizations with existing Coupa investments
Ivalua Advanced analytics, robust reporting High costs, complex implementation, steep learning curve Large enterprises with complex supplier networks
Zycus Comprehensive supplier management, advanced analytics High costs, complex implementation, steep learning curve Large enterprises with existing Zycus investments
Kissflow Workflow automation, supplier self-service Limited customization options, limited scalability Mid-sized businesses with straightforward supplier networks

When choosing the right SRM software, consider your organization’s specific needs, supplier network complexity, and existing investments in other software solutions.

Choosing the Right SRM Software

When selecting SRM software, consider your organization’s needs, supplier network complexity, and existing software investments. Here are key factors to keep in mind:

  • Supplier Network Size and Complexity: For large, complex networks, choose software with advanced analytics and reporting, like SAP Ariba or Ivalua.
  • Cost and Budget: If budget is a concern, consider software with a lower total cost, such as Medius or Kissflow.
  • Customization and Flexibility: For high customization needs, look at modular options like Coupa or Jaggaer.
  • Integration with Existing Systems: Ensure the SRM software integrates well with your current ERP or CRM systems.

Comparison Table

Factor Best Options Considerations
Supplier Network Size SAP Ariba, Ivalua Advanced analytics and reporting capabilities
Cost and Budget Medius, Kissflow Lower total cost of ownership
Customization and Flexibility Coupa, Jaggaer Modular architecture for high customization
Integration with Existing Systems Depends on current systems Ensure seamless integration with ERP or CRM systems

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