Labs that rely on manual procurement processes typically report: 

• Spending too much time tracking down purchase orders and checking their status — whether approved, placed, or shipped by the vendor.

• Creating duplicate purchase orders (wasting money and time) because multiple people order similar items, and the team has no visibility on what is already on order.

• Inefficient communications with finance teams as they try to centralize POs and packing slips to process invoices. 

So, they upgrade to procurement software to organize and automate processes, improve resource allocation, and better manage supplier relationships. 

If you’re on the fence about whether procurement software can benefit your lab, this post is for you. 

Our guide answers common questions about lab procurement software and discusses top-rated solutions, including our system, ProcureDesk, as well as Quartzy, Precoro, Procurify, and Coupa. 

Overall, it covers: 

• What is lab procurement & its process steps?
• Challenges with lab procurement 
• What is lab procurement software?
• Key features of lab procurement software
• Benefits of lab procurement software 
• How to select the right lab procurement software 
• ProcureDesk’s procure-to-pay solution for labs & biotech 
• Alternative lab procurement software

What Is Lab Procurement?

Lab procurement involves the processes scientists and other research members follow to purchase equipment and supplies for the lab. It typically includes the following steps:

• Needs Identification & Requisition Creation: Lab staff identify required items and create purchase requisitions with details.

• Review & Approval: Requisitions are reviewed and approved, considering budget and necessity.

• Vendor Selection & PO Generation: Vendors are chosen based on criteria like quality and price, and purchase orders (POs) are generated.

• Goods Receipt & Inspection: Received items are inspected for conformity to specifications and quality.

• Invoice Processing & Payment: Invoices are verified against POs and receipts before payment is processed.

Challenges with Lab Procurement 

These are the three most common challenges we’ve heard in our experience working with life sciences and biotech companies: 

Manual Procurement Processes

The manual purchase approval process is often rooted in the traditional organizational structure, where decisions require input and authorization from multiple departments or individuals.

As a result, the procurement process can become convoluted and time-consuming. Approvals are often communicated through emails, paper forms, or in-person meetings, leading to potential miscommunication, delays, and administrative overhead.

Wrong Pricing or Partial Information

The lack of a unified and updated system for product catalog management can result in incorrect pricing or partial information. Without a centralized repository for accurate product specifications, vendors may provide inconsistent information or outdated pricing.

Moreover, manual data entry and communication can introduce errors, further complicating the procurement process.

Manual Order Tracking

Manual order tracking results from fragmented communication and inadequate visibility into the supply chain. 

If you’re working with numerous suppliers — each with its own timeline and communication method — tracking the progress of orders becomes a complex task. And if laboratories don’t have a way of tracking real-time order statuses, they’re vulnerable to disruptions in research schedules and resource allocation.

What Is Lab Procurement Software? 

A lab procurement software automates the purchasing process for lab equipment and supplies. It empowers lab personnel to effortlessly manage the entire procurement lifecycle, from requisition to purchase order and receipt of supplies. 

Lab procurement software offers real-time visibility into inventory levels, vendor information, and pricing, enabling informed decisions that align with research objectives and budget constraints. Furthermore, it often integrates with existing systems, enhancing collaboration and reducing the risk of errors.

With lab procurement software, you can:

• Automate a manual purchasing process and eliminate spreadsheets for tracking purchase orders.

• Reduce the number of change orders because the pricing is always correct (and you’re not accidentally referencing rates from six months ago).

• Reduce the time spent providing supporting documents to finance, as POs and receipts are stored in the same place AP teams manage invoices.

• Get instant visibility into total spending across different departments and vendors.

Key Features of Lab Procurement Software 

• Purchase requisition management 
• Automated approvals & approval routing 
• Budget controls 
• Automated purchase order (PO) generation 
• Automated, real-time order tracking 
• Inventory management 
• Three-way invoice matching 
• Integrations with accounting software to manage supplier payments 

We’ll discuss these more later. 

Benefits of Lab Procurement Software 

Here are some core benefits of lab procurement software to justify the investment in these solutions (and quantify ROI).

Seamlessly Streamlined Workflows

Measurement: Time Saved on Administrative Tasks

Lab procurement software automates administrative tasks. The software drastically reduces manual intervention by automating purchase requisitions, approval workflows, and order generation, leading to significant time savings.

How to Measure

Calculate the average time spent on administrative tasks related to procurement before and after implementing the software. This includes time spent filling out forms, seeking approvals, and processing orders. Multiply the time saved per procurement cycle by the number of procurement cycles within a specified time frame. 

Enhanced Accuracy & Data Integrity

Measurement: Error Reduction Rate

The software’s centralized catalog management ensures that accurate product information is readily available, mitigating the risks of wrong pricing or part specifications. This enhancement in data accuracy minimizes confusion, errors, and costly discrepancies.

How to Measure

Compare the number of errors related to incorrect pricing or partial information before and after adopting the software. Calculate the percentage reduction in errors to quantify the improvement in data integrity. 

Real-Time Order Tracking & Visibility

Measurement: Reduced Downtime Due to Order Delays

Real-time order tracking provides enhanced visibility into order progress, minimizing downtime caused by delivery delays and disruptions to research schedules.

How to Measure

Assess the average downtime experienced due to order delays before the software implementation and compare it to the downtime after it. This comparison yields a precise quantitative measure of the reduction in disruptions. 

Comprehensive Vendor Management

Measurement: Vendor Performance Improvement

Efficient vendor management tools facilitate collaboration and enable data-driven decisions. Improved vendor performance translates to reliable deliveries and enhanced product quality.

How to Measure

Evaluate key vendor performance metrics such as on-time delivery rates and product quality before and after using the software. Calculate the percentage improvement in these metrics to demonstrate the software’s impact on vendor management.

By measuring these benefits using specific metrics and calculations, you can showcase the tangible impact of lab procurement software on your laboratory’s operations. When paired with qualitative feedback from scientists and lab managers, this quantitative analysis paints a comprehensive picture of the software’s value proposition and potential to revolutionize your procurement processes.

How to Select the Right Lab Procurement Software

Ready to move forward with selecting a lab procurement system? Here are the recommended next steps:

1. Define Specific Needs: Identify precise requirements, such as punchout capabilities, automated order tracking, and integrations with accounting systems.
   
   
2. Research & Shortlist: Explore providers aligned with your needs, creating a shortlist of potential solutions.
   
   
3. Evaluate Features: Compare shortlisted options for key features, such as automated approvals, budget controls, order tracking, and inventory management.
   
   
4. Request Demos: Experience software functionality through demos or trials to assess user-friendliness.
   
   
5. ROI Analysis & Decision: Estimate ROI based on time and cost savings, involving stakeholders to make an informed choice.

Focusing on these five steps can help you efficiently select lab procurement software that optimizes processes and productivity while aligning with your laboratory’s specific requirements.

ProcureDesk’s Lab Procurement & Ordering System

ProcureDesk is a full procure-to-pay system — combining procurement and accounts payable (AP) automation — so teams can manage suppliers, purchasing, invoice processing, and inventory items all in one software solution. 

Our system lets you: 

• Create a controlled purchasing hub for all lab members to order supplies from approved vendors. All POs are stored in the purchasing dashboard and can be displayed so that others can see what team members are ordering and check available budgets. 

• Streamline purchase requisitions so orders are automatically approved, denied, or routed for review. 

• Automate PO generation and dispatch POs to vendors without any manager intervention. 

• Track real-time order progress directly on POs — purchasers and managers can see updates, expected ship dates, and tracking numbers to reduce email check-ins. 

• Manage receiving and upload packing slips to ProcureDesk to eliminate manual file keeping, centralize documents, and support finance teams’ workflows. 

• Consolidate invoices and automatically merge duplicates to improve organization and avoid confusion. 

• Automatically match invoices with corresponding POs and receipts. 

• Integrate with your preferred accounting system to push approved invoices over and initiate payment. 

• Track all company spending and access dozens of spend reports to analyze purchasing patterns and identify cost savings opportunities. 

• Add all suppliers to ProcureDesk — you can even create dedicated portals for each supplier you work with — and simplify communications. All orders and communications are stored in our system for quick reference. 

Our procurement management system has 150+ punchout catalogs, including popular suppliers like Thermo Fisher, Akali Scientific, Agilent Technologies, BD Bio, Bio-Rad, Chemglass Life Sciences, Chemspace, Eton Bio, GenScript, Horizon Discovery, Integrated DNA Technologies, Laboratory Products Sales Inc., Medline, and more.

We can also create custom catalogs with lab supplies you frequently order from vendors. 

We work with various industries and have 5+ years of experience with life sciences and biotech companies, big and small.

Take a look at some of our previous case studies:

• How Quantus uses ProcureDesk to implement tighter spend controls & scale operations

• How Funai Lexington uses ProcureDesk to automate purchasing and AP workflows and achieve organization-wide financial goals

• How Cerebral Therapeutics uses ProcureDesk to replace Excel spreadsheets, streamline purchase requisitions, and improve spend visibility

Our team meets with each client before onboarding to learn about their processes and challenges. Then, we can tailor ProcureDesk to specific requirements: we’ll add supplier catalogs, create automated approval workflows, set up accounting integrations, and more. 

Below, we’ll explain how our features support lab procurement processes. 

Managing Purchase Requisitions in ProcureDesk 

Purchase requisitions are the first step in the procurement process. 

A scientist submits a purchase request using a web form or email. Once the request is approved, a lab manager or accounting team creates the purchase order and sends it to the vendor.

There are two challenges with this process:

1. Scientists must review different websites, copy the data into a spreadsheet, and submit it for approval. This process is time-consuming and wastes valuable research time.
   
   
2. The approvals are manual, which means constant back and forth with managers to approve a request.

With ProcureDesk, lab members build shopping carts on vendor sites and submit them for quick approval.

Here’s how it works: 

• Users log into ProcureDesk and select the vendor they wish to shop with.

• ProcureDesk routes users to the vendor’s website. Users are authenticated upon sign-on, so the vendor site already has their login credentials and special pricing. 

• Users select the items they wish to purchase, add them to the cart, and submit the cart for approval. They can also add products or services from different vendors in the same request.

Purchase requisition forms automatically populate when users submit carts, so manually copying data is unnecessary. These forms show requesters the fields they must complete to justify orders and receive approval. 

Procurement managers can use custom fields to create various purchase request forms and manage orders from different suppliers, purchase categories, departments, etc. 

Now, let’s say you work with vendors without websites; in those cases, you can create a catalog for team members to select items for purchase. 

Here is an example of that:

If there is no catalog, let’s say it’s a one-time purchase — you can enter the data directly into the request and route the request for approval like any other purchase. 

Setting Budgets & Purchasing Rules in ProcureDesk 

An obvious concern for finance teams is budgets — they need to proactively control costs to prevent overspending and know what costs to anticipate.

There are two challenges teams face when following manual processes:

1. There is no way for all team members to check budgets before making the purchase. Teams typically only know they’re over budget after receiving the invoice.
   
   
2. Department or budget owners don’t have real-time visibility into budgets. Worse, they usually only review budgets during quarterly review meetings.

The budgeting tools in procurement software like ProcureDesk can solve these challenges by allowing managers to set spend limits and displaying real-time budget availability.

Here’s how this works:

• The finance team configures budgets in the system (or the system can import the budget from your accounting system). 

• Users can check budgets and availability when shopping via ProcureDesk. 

• When filling out purchase requisitions, requesters are asked to specify the budget they’re pulling from (or the budget can be automatically assigned based on the chart of accounts).

• ProcureDesk can automatically check requisitions and available budgets to deny requests that exceed spend limits. 

• Our system can approve purchases within budget or route them to a procurement member for review. Lab managers or CSOs (Chief Science Officers) who approve purchases can easily check budgets when reviewing requests.

If no budget is available, finance teams can configure controls on what to do. 

Here are your options:

• Block the purchase from happening. Show the user a warning that there is no budget available.

• Show a warning but allow the user to proceed if they are over budget within a certain threshold.

• Send the request for additional approvals.

Automating Approvals in ProcureDesk 

Another time-consuming aspect of purchase requisitions is approvals. Two common things slow this down:

1. Scientists don’t know the correct approval process and must loop others in for final authorization.
   
   
2. The managers take a long time to approve because they are inundated with emails, and approval requests fall through the cracks.

However, lab procurement software automates approvals and routing — also sending notifications about new requisitions — to simplify this process and save managers time. 

Here’s how this works: 

• Approvals are generated automatically based on a predefined set of rules. Your lab manager or finance team can define the approval rules in the system. (The most common scenarios for approvals are based on the approval amount, chart of accounts, department, and so on.)

• Once approval workflows are created, the system takes over — automatically approving, denying, or routing orders. 

• The system notifies approvers (through the ProcureDesk system and email) when new requests are ready for review. It also sends daily update emails to managers so they know the most current items on their queue. 

ProcureDesk also provides omnichannel approval tools to make this process quick and convenient. Approvers can access and approve requests from the ProcureDesk dashboard or our mobile apps, through email notification, or via Slack (as our platform integrates with this messaging app to streamline approvals). 

Our system also notifies purchasers of order status so they know if orders were approved, denied (and if so, why), or routed for review (and if so, who they were routed to). We also keep purchasers in the loop with real-time PO tracking — more on that later. 

Automated PO Generation & Purchase Order Management in ProcureDesk

Another challenge often bottlenecking manual purchasing processes is creating and sending purchase orders. Teams can use templates to streamline this process, but even then, you’re still wasting time manually plugging in data, printing POs, and snail-mailing them to vendors. 

Procurement software completely automates this step, so managers only have to approve purchase requisitions to initiate orders. After requests are approved, ProcureDesk converts the requisition to a purchase order (PO) and sends the PO to the vendor. 

Depending on the vendor’s capabilities, our system can send the purchase order electronically (via EDI, electronic data exchange) or email. 

Automated Purchase Order Tracking & Receipt Management 

Manually tracking orders is often cumbersome, and it’s nearly impossible to track real-time status without constant back-and-forth with vendors. 

ProcureDesk assists here with order acknowledgments and advanced shipping notices (ASN) to provide real-time order status and eliminate vendor email threads. 

• Order Acknowledgements: Vendors can comment directly on POs to let you know they’ve received orders and are working on fulfillment. They can also communicate specific details about what line items they can ship (and which are back-ordered) and share expected delivery dates. 

• Advance Shipping Notice (ASN): Vendors can send ASNs when products are shipped — these contain tracking numbers and a list of items in the shipment. This allows you to stay on top of deliveries and manage expectations for your stakeholders accordingly.

ProcureDesk automatically sends order notifications to managers and purchasers so they know the real-time status. Once the tracking information is received, the system automatically tracks the delivery and informs the lab team.

Then, ProcureDesk includes a receipt management module to support receiving. This prevents teams from having to store physical packaging or receipts for record-keeping and verification purposes — which only further clutters already-crowded lab spaces and creates organizational inefficiencies.

After purchasers receive items, the system sends a notification (and email) prompting them to upload receipts or packing slips and verify the order condition. 

Purchasers can note damaged supplies or incorrect quantities at this point, so finance teams don’t have to check in with others when processing invoices. 

Enhancing collaboration between finance teams and scientists ensures both parties can focus on their core responsibilities efficiently. 

ProcureDesk Vendor Invoice Management & AP Automation Module 

The next challenge lab managers face is ensuring that purchase orders, goods received, and invoices align perfectly — this three-way matching process, when done manually, is not only time-consuming but also prone to human error. 

Automating accounts payable processes invoices minimizes discrepancies and manual oversight.

For biotech finance teams, this means a streamlined workflow, reduced chances of financial errors, and timely vendor payments. For scientists, automation translates to an efficient use of resources, as there’s no need to retain and sift through physical packaging details.

ProcureDesk’s AP automation software eliminates manual errors and reduces operational delays by streamlining invoice processing.

First, our system lets you centralize vendor invoices. You can use e-invoicing (the most convenient method to receive invoices from vendors), receive invoices via vendor portals, connect your email address to sync invoices from your email account, or upload paper invoices. 

Then, ProcureDesk uses optical character recognition (OCR) technology to analyze and extract data from new invoices — headers, line items, amounts, etc. It can then: 

• Merge duplicate invoices.

• Match invoices with corresponding POs and receipts — ProcureDesk supports three-way matching for physical materials and two-way matching for service-based invoices. 

• Detect invoices with discrepancies and route them to the AP teams for troubleshooting. 

Managers can create routing rules for matched invoices to streamline payment workflows. ProcureDesk can route invoices to the AP team for final review or skip that step and send invoice data directly to your accounting system for payment. 

After AP teams process payments, the invoice status updates in both systems to prevent duplicate work.

ProcureDesk integrates with most major accounting systems, including QuickBooks (Enterprise and Online), Sage, NetSuite, Xero, Microsoft Dynamics 365, and Bill.com.  Our integrations keep master data like the Chart of Accounts and supplier information consistent across platforms and automate updates. If the Chart of Accounts or supplier data is updated in your accounting system, those changes will automatically reflect in ProcureDesk. This ensures that the AP teams always work with the most up-to-date information, further streamlining operations and reducing discrepancies.

ProcureDesk Inventory Management 

Worried about running out of lab supplies? Or you might be concerned about bulging inventory because you carry too much in stock. 

In either case, a lab inventory management software (LIMS) can help. 

ProcureDesk’s inventory management module:

• Maintains Optimized Stock Levels: The system helps labs maintain optimal stock levels by tracking the usage patterns of various materials and chemicals. This reduces instances of overstocking or stockouts, ensuring that the laboratory operations remain uninterrupted.

• Automates Reorder Triggers: With ProcureDesk, labs can set up automated reorder points for essential items. When stock levels dip below a certain threshold, the system can send a reorder alert or automatically place an order, ensuring timely replenishments.

• Enhances Visibility & Traceability: The system provides a transparent view of inventory levels, batch numbers, and expiry dates. This is crucial for labs to ensure the use of non-expired reagents and trace any issues back to specific batches.

• Reduces Wastage: By monitoring the shelf life of perishable items and chemicals, ProcureDesk helps labs use materials efficiently, minimizing wastage due to expiration.

• Provides Reporting & Analytics: The system offers comprehensive analytics on inventory usage, helping labs identify trends, anticipate future needs, and make informed purchasing decisions. This not only ensures cost efficiency but also assists in better research planning.

Here is a look at the inventory management dashboard in ProcureDesk:

Note: This is an add-on module, not included in the core P2P package. 

Packages & Getting Started 

Getting started with ProcureDesk is simple. Our team offers free white-glove onboarding, so we’ll handle the setup and train you on its features before you’re off and running. 

Our platform has a modern interface and user-friendly features, so it’s easy to add other lab members without formal training. Most labs can achieve organization-wide adoption in less than 30 days. 

Our system is customizable and scalable, so it works for small labs, growing teams, and enterprises — our enterprise plans even come with a dedicated account manager who can optimize ProcureDesk to support your evolving processes. 

We offer two packages to get started: 

• The Procurement Automation package ($518/month) includes all the features to create a controlled purchasing environment, automate PO generation, track orders through delivery, and create spend management reports. 

• The full P2P Automation package ($850/month) includes all the above-mentioned features except the inventory management module add-on. 

Both packages include ten user seats (you can add more as needed) and a 30-day money-back guarantee. We can also offer free trials for customers upon request. 

Labs can also customize ProcureDesk with add-ons and integrations. Our add-ons include: 

• Inventory management, to track real-time availability of supplies and resources. 

• Contract management, to house all supplier contracts in one repository and set renewal notifications. 

• Expense management, to generate expense reports, analyze spending, and manage reimbursements. 

Alternative Lab Procurement Software

In addition to ProcureDesk, you may also see names like Quartzy, Precoro, Procurify, and Coupa in your search for lab procurement software. 

We’ll briefly discuss these solutions below so you can compare top-rated options. 

Quartzy

Quartzy is a comprehensive lab management solution that offers procurement and laboratory inventory management software to manage purchasing workflows. Life sciences companies can consolidate purchasing and inventory tracking in this system, helping them work more efficiently and stay organized. 

Quartzy allows users to connect with supplier sites, set budgets, control purchasing workflows, approve order requests, and automate PO generation. Lab members can procure the lab supplies they need from a controlled purchasing hub, track orders through delivery, and manage receiving. 

The inventory management module lets teams track real-time availability and keep detailed records with lab supplies and resources (for example, you could note barcode label SKUs, storage locations, or even expiration dates). 

This also lends to procurement automation, as users can program Quartzy to make recurring purchases and replenish supplies. 

What’s unique about Quartzy is that it integrates with various business applications — including other procurement and inventory management software (including ProcureDesk, via punch-out) — to bolster its core features and better support lab operations. 

The notable downsides with Quartzy include limited punch-out capabilities and a lack of AP automation software. They offer high-quality purchasing solutions to keep inventory stock off, but you must follow manual processes to track orders and manage invoice processing.

Notable Features 

• Purchase requisition management 
• Catalog management 
• Automated approval workflows 
• Lab inventory management system 
• Monthly spend reports 
• Mobile apps
• Integrations with QuickBooks, NetSuite, and other business applications like Slack, Microsoft, Google Sheets & Calendar, and Asana 
• API & webhooks for custom integrations 
• SSO to authenticate lab members during sign-on & keep your software secure 
• Custom reporting (available in enterprise plans) 

Pricing 

Quartzy offers four packages for biotech companies at various growth stages: 

• The Starter plan with basic feature access is $159/month. It supports five user seats (can add more for $29/month) and includes request management, inventory management and a few integrations. This plan does not include accounting integrations, but they offer the QuickBooks online connection as an add-on. 

• The Professional plan (recommended) is $299/month. This plan supports ten user seats and includes access to all Quartzy features and integrations. 

• Academic and non-profit labs can access the Professional plan for $12.41/user/month.

• Quartzy offers custom plans and pricing for enterprises. 

Note: Quartzy bills annually, so you must commit to a 12-month contract. 

Precoro 

Precoro is a robust P2P solution with 100+ features to manage and automate processes. It includes all of the notable features (purchase requisition management, automated PO generation, PO tracking, inventory management, etc.) labs need to support workflows.

It also includes a comprehensive spend analysis dashboard to review spending, identify purchasing patterns, optimize budgets, and streamline approvals. 

This solution is popular among small and mid-size labs for its ease of use. It also offers multi-currency and multi-location features that make it especially popular for companies that work with suppliers or partners worldwide. 

The notable downsides of this option are:

• Pricing — it’s more expensive than comparable solutions.

• And, like Quartzy, it has limited punch-out capabilities — you can only connect two punch-outs.

Notable Features 

• Punch-out catalogs with Staples, Amazon, & Home Depot 
• Purchase requisition management
• Approval workflows 
• Purchase order management 
• Spend management & budget controls 
• AP automation 
• PO, invoice & receipt management
• Three-way invoice matching
• Integrations with accounting systems (NetSuite, QuickBooks, & Xero) 
• Supplier management
• Inventory management
• Reporting dashboard

Pricing 

Precoro’s entry-level plan (Core) starts at $249/month, and the full procure-to-pay platform starts at $999/month. However, they provide custom pricing, so you must contact them for a demo to discuss your requirements and receive a quote. 

Procurify

The next option, Procurify, is a nice P2P platform for larger life science companies particularly interested in virtual spend cards (perhaps to manage travel expenses, subscriptions, or other e-commerce shopping). 

Procurify lets managers create a controlled purchasing environment for lab members to shop with suppliers — like the options above — but also includes added spend cards to manage and control other business spending. 

Procurify is a popular solution because it offers a wide range of punchout catalogs (20+ options) and automation to support the entire procure-to-pay workflow. In addition, Procurify offers inventory management features labs need to maintain stock. It’s also user-friendly and has a minimal learning curve.

The primary barrier to entry with Procurify is pricing — they now offer custom quotes, but historically, packages started at $1K. Many small and growing labs find Procurify out of budget or unnecessary for what they require, especially considering virtual spend cards are its main differentiator from comparable competitors. 

Notable Features 

• Virtual cards (with spend limits)
• Catalog management 
• Purchase requisition management 
• Purchase order management 
• Budget tracking 
• Spend management
• AP automation 
• Receipt management 
• Three-way invoice matching
• Reimbursement management 
• Integrations with ERPs, accounting systems & project management platforms
• Inventory management 
• Reporting dashboard
• Mobile apps 

Pricing

Procurify offers custom pricing, so you must schedule a demo with their team to receive a quote. 

Coupa

The last option, Coupa, is reserved for enterprise or global life science companies seeking consulting services to support procurement and sourcing strategies. They have experience with global names like AstraZeneca, Novo Nordisk, Mirati Therapeutics, and Sanofi. 

Coupa offers the most comprehensive solution in our guide — providing P2P software, inventory management, and one-on-one consulting to optimize processes, promote efficiency, and drive operational growth. 

Note: Like Procurify, Coupa offers virtual spend cards to control all company spending. However, virtual spend cards are standard in most enterprise solutions (like Jaggaer and SAP). 

Coupa’s solution really comes in handy when selecting suppliers and negotiating contracts. Coupa offers an array of AI-powered reports to pull key insights and highlight potential areas for savings, but its team can also help analyze this data and assist with selection. 

Labs that already work with dozens of suppliers can benefit here, as Coupa can help consolidate purchasing across suppliers that offer the most significant savings for your organization. 

Coupa requires longer implementation and training, but their team provides guided onboarding to expedite this process. 

Notable Features 

• Purchase requisition management
• Purchase order software
• Tools to collaborate on POs
• Open Buy
• Budget controls
• Purchasing fraud detection with spend guard
• SOW-based spend management
• AP automation
• Two- & three-way invoice matching 
• Accounting & ERP integrations
• Supplier management
• Contract management
• Inventory management
• Reporting dashboard 
• Mobile apps

Pricing 

Coupa offers custom pricing, so you must contact them for a demo to learn more. 

Next Steps 

In today’s labs, buying supplies and tools quickly and correctly is crucial. Lab procurement software helps make this buying process smooth and error-free.

Labs can save time and reduce errors by using tech to help with matching orders and payments. These programs can also talk to other systems, like accounting software, which means less manual work and fewer mistakes.

As labs grow and change, having good software to manage purchases will become even more critical. In short, lab procurement software helps labs focus on their primary job: doing outstanding research and making discoveries. Above all, it provides labs with a better ecosystem for purchasing needs.