Procurement technologies have evolved. From simple spreadsheets and online reverse auction tools about ten years ago to the finish-to-finish platforms of today – procurement software programs are now more effective, capable and efficient. However, with enterprises expecting their procurement teams to become more strategic, procurement executives would want software that does not only automates and streamlines all sourcing and procurement processes, but additionally enables effective making decisions. For more information on procurement stategy, visit our website.
Listed here are three game-altering trends in procurement technology which are driving the development of next-generation of procurement software.
Enterprises across the world are embracing cloud-based tools and software for the various advantages they provide over conventional software. Cloud-based procurement technology not just enables enterprises to reduce infrastructure costs (installation, integration, operation and maintenance), but additionally offers the versatility to scale based on business needs. Cloud procurement software also enables easy and better collaboration with suppliers and other stakeholders, improving efficiency and reducing cycle occasions.
2) Mobile Native
With more and more mobile work and lifestyles, workers are demanding technology and tools that permit them to work everywhere, anytime and on any device. In fact, a Citrix survey claims that by 2020, nearly 90% of all large global organizations will offer you application-enabled mobile work choices to employees. A mobile-native procurement software, for example SMART by GEP, enables procurement executives to operate on the go, supplying all the information requirement for effective making decisions. Besides supplying real-time use of spend, savings, contracts and accounts payable information, mobile-enabled procurement software enables procurement pros to source suppliers, create and issue RFPs, manage eAuctions, create POs, initiate payments, and manage the entire source-to-pay cycle – anytime, anywhere on any device. Want to know more about procurement partners? Visit our website today for more information.
3) Big Data Analytics
As procurement transforms from the transactional company to some strategic entity and a reliable business advisor, business analytics will have a vital role. Big data analytics allows procurement to obtain predictive insights, for example demand forecast, commodity cost movements, supplier performance, amongst others. Procurement software, with built-in big data analytics tools and artificial intelligence abilities allows procurement professionals to proactively identify savings possibilities and minimize risks, by supplying crucial insights and timely intelligence.