The 8 Best Supplier Relationship Management Software Providers in 2024

Understanding SRM Software

Supplier Relationship Management (SRM) software helps companies build and strengthen relationships with suppliers by streamlining communication and enabling data-driven decisions when selecting and managing vendors. SRM platforms ensure a reliable supply chain, that can meet demands efficiently while maintaining high-quality standards. By fostering closer ties and enhancing accountability, SRM software preemptively addresses potential issues before they escalate, helping businesses stay competitive and resilient.

While the SRM software space is still relatively new and growing, there are still several solutions to choose from and it's important to adopt the procuretech software that suits your business best. With a best-of-breed SRM system that fits your needs, your business can enhance transparency, operational efficiency, and workflows, instilling confidence in senior management and stakeholders alike.

But how does one determine the SRM platform with an optimal fit for their enterprise? Here's a cheat sheet of some of the leaders in Supplier Relationship Management technology to help you streamline your search.

8 Best Vendor Relationship Management Platforms

Choosing the Right SRM Software for Your Needs

Every SRM software has its unique benefits and focus areas, which is why they cater to different business needs. The best SRM software for you will depend on several factors, including the size and complexity of your supplier network, the need for real-time collaboration, cost considerations, and integration requirements.

A one-size-fits-all approach doesn't apply when selecting SRM software. Your business needs to consider its unique requirements and challenges. Examine your existing processes, identify areas of improvement, and look for an SRM software that addresses those needs while aligning with your strategic objectives.

A Deep Dive Into the Top 8 Supplier Relationship Management Software Providers:

1. Kodiak Hub

Founded in Stockholm, Sweden in 2017, Kodiak Hub is a pioneering SRM software that quickly emerged as a prominent player in the field. With the diverse corporate backgrounds of its founding team, Kodiak Hub ensures that their best-of-breed SRM solutions resonate with genuine comprehension of business needs and challenges associated with legacy procurement systems. With its recognition as  a ProcureTech 100 pioneering digital solution for the past three years, Kodiak Hub has established itself as a leader in Supplier Relationship Management innovation. 

Kodiak Hub's end-to-end SRM platform offers a modular suite of plug-and-play tools, setting it apart from Source-to-Pay providers and all-in-one Procurement suites by focusing solely on excelling in Supplier Relationship Management. From improved Supplier Information Management (SIM) with data consolidation of all supplier information and documents to streamlined supplier onboarding, risk monitoring, and self-assessment tools – along with enhanced performance management and robust supplier scorecards and insights – Kodiak Hub covers all bases with a speciality in driving supplier performance, collaboration, and sustainable impact. And with its innovative reporting functionality, Kodiak Hub ensures comprehensive insights and quick access to answers for any query that executive teams or stakeholders might pose.

Despite its extensive functionality, Kodiak Hub has prioritized user-friendliness and intuitive design. Businesses can seamlessly implement the no-code solution within weeks, reaping the benefits with minimal disruption and offering a quick time to value.

Learn about the 9 ROI's of Using an SRM System.

2. Jaggaer

Hailing from North Carolina, Jaggaer may seem like a newcomer, but it inherits a legacy from SciQuest, a cloud-based software pioneer since the 1990s.

Jaggaer's CRM solution acts as a centralized repository for supplier data, leveraging AI-driven predictive software to manage risks and identify new opportunities. Data is presented through intuitive dashboards, facilitating the rapid generation of comprehensive performance reports.

3. SAP Ariba

The merger between California-based Ariba and German software giant SAP birthed SAP Ariba a decade ago. Specializing in Source-to-Pay software, SAP Ariba serves the supply chain management niche with solutions tailored for both buyers and suppliers.

Aligned closely with SAP's broader B2B network, SAP Ariba facilitates the transition of numerous businesses to cloud-based SRM solutions, offering five distinct software solutions: Supplier Management, Strategic Sourcing, Direct Spend, Procurement, and Financial Supply Chain.

4. Medius

Operating from its headquarters near Manchester for two decades, Medius gained recognition primarily for its Accounts Payable automation software. Expanding its portfolio, Medius now offers procurement, sourcing, contract management, and supplier management solutions.

Medius' cloud-based SRM package features a centralized hub where suppliers can upload information through a self-service portal, relieving clients of administrative burdens and enhancing vendor data accuracy. Tools for validating supplier credentials and a robust report builder further augment supplier performance analysis.

5. Coupa

Headquartered in California with hubs across North and South America, Europe, and Asia Pacific, Coupa Software was established in 2006 and provides a comprehensive suite of software solutions optimizing spending, supply chain management, and liquidity.

Coupa's SRM offering distinguishes itself with a focus on third-party risk management. While adhering to fundamental principles of supplier data gathering, benchmarking, and performance reporting, Coupa places emphasis on risk mitigation and control, which is reflected in its management reports' language, metrics, and controls.

6. Ivalua

As another California-based S2P specialist, Ivalua shares many similarities to SAP Ariba's platform. But with over two decades of experience, Ivalua offers strong expertise in Procurement and has found its own niche in the industry. 

Ivalua positions itself as a platform in the truest sense, offering a wide array of solutions encompassing supplier risk appraisal, sourcing, contract management, invoicing, payments, and analytics. All these are integrated through a common platform, fostering improved visibility, enhanced insights, improved efficiencies, and more strategic decision-making.

7. Zycus

Zycus has been a pioneering S2P solution since its founding in 1998 and the launch of its Merlin AI suite in 2022. This highly-acclaimed solution is known for its conversational AI, providing a user experience reminiscent of B2C interactions.

Like its counterparts, Zycus emphasizes migrating office-based SRM to cloud-based solutions and adopts a firm stance on risk-based SRM approaches.

8. Kissflow

Last but not least, Kissflow is a cloud-based Procurement platform designed to streamline and automate business processes, including supplier relationship management. Its wide range of tools and features primarily help organizations manage their workflows, projects, and tasks more efficiently - but also offers SRM solutions for supplier self-service, paperless onboarding, vendor screening, performance monitoring, and corrective actions.  

With Kissflow's workflow management and SRM features, their software aims to improve productivity, collaboration, and transparency within teams, across departments, and with suppliers. Overall, Kissflow is focused on empowering organizations to digitize their processes, reduce manual work, improve efficiency, and drive better business outcomes.

The SRM Market Landscape & Positioning Chart

We’ve created a positioning chart to help you understand how much each solution covers in their respective area. 

Are they a more niche solution, looking to solve specific challenges in the supplier lifecycle, or are they covering a wider range? 

Also, is the platform focused on helping companies with Top-Line Value vs Bottom-Line Savings?

• Top-Line Value is geared towards helping companies increase sales by being more strategic in e.g. improving supplier performance, quality, collaboration and sustainability.
• Bottom-Line Savings puts more emphasis on helping companies understand where they can cut costs, while focusing less on collaboration and strategic improvements to their supplier base.

FAQs

What Is Supplier Relationship Management?

Supplier Relationship Management (SRM) is a strategy businesses use to improve how they work with their suppliers. It goes beyond just focusing on costs and delivery times—SRM is about building strong, long-term partnerships that benefit both sides. This leads to better product quality, innovation, and a more reliable supply chain. For a deeper dive into SRM, check out our article: What is Supplier Relationship Management (SRM)?

What Are the Business Benefits of SRM Tools?

By adopting one of the SRM software examples, your business can leverage numerous advantages:

• Better Supplier Relationships: SRM software facilitates continuous interaction and dialogue with suppliers, fostering stronger relationships and mutual growth. Learn more about how SRM can boost Supplier Collaboration & Innovation here.
• Increased Efficiency: Automated procurement processes reduce manual work, minimize errors, and speed up operations, contributing to higher efficiency levels. Explore how to improve procurement efficiency with Supplier Information Management, Smart Actions, and Process Orchestration.
• Risk Mitigation: SRM software helps businesses identify and manage potential supplier risks before they become major issues, ensuring business continuity. Read about what world-class Supply Chain Risk & Resilience Monitoring looks like with an SRM system.
• Cost Savings: Effective vendor management often results in cost savings due to improved process efficiencies and better negotiated contracts. Learn more about how an SRM platform can improve your Spend Management here.
• Improved Negotiation Power: By knowing your suppliers, being able to compare how they perform in different aspects - you'll have the data to show and to back up your reasoning when entering a negotiation.

Who Uses Vendor Relationship Management Software?

SRM software is widely used across various roles, here are a few:

• Procurement Officers: SRM tools simplify supplier data management, streamlines purchasing processes, and consolidates spend management tasks like handling invoices and scheduling fulfillment.
• Project Managers: It provides visibility into the supply chain, helping to spot disruptions, assess vendor reliability, and ensure compliance, which supports meeting project deadlines.
• Product Managers: SRM helps bridge supplier relationships, enabling product teams to monitor the manufacturing process and focus on value drivers, much like CRM tools do for customer relationships.

Conclusion

SRM's pivotal role in optimizing efficiency, reducing costs, mitigating risks, and nurturing strategic partnerships throughout the entire value chain cannot be overstated. Different SRM solutions approach these objectives from varying perspectives, prioritizing goals differently.

Thus, determining the best SRM software isn't merely a matter of features or technologies. The comparison outlined above offers insight into which SRM solution aligns most closely with not just your business's needs but also its ethos and approach to SRM.

No matter which solution fits your business best, improving your SRM with innovative new technology is essential for facing new challenges, improving resiliency, and unlocking sustainable value within your supply chain. We hope that this guide will assist you in finding the right solution and transforming the way that you and your suppliers do business.