Technology is progressing so fast that it’s leading to major transformations across numerous industries. From cloud-based collaboration services which connect us to those across the world in a second, to process automation software driven by artificial intelligence and machine learning tech that uses what it “learns” to enhance its own capabilities, the digital innovations we’re seeing today are truly astounding. One area seeing exceptional development is the realm of supply chain management and procurement.
In fact, the Global Procurement Software Market is expected to grow at a healthy CAGR of 10.17% according to the latest market report. This will have the market reaching 10.2 billion by 2027. What’s driving this market growth? Primarily, it’s the increasing need for procurement process automation, as well as the rapid adoption of e-procurement technology by competitors. These high-tech systems are proving to be so beneficial that organizations risk being left behind if they aren’t quick to implement the advanced software and tools already available on the market.
What is procurement technology and what are the benefits it can bring to an organization? Defined as an integrated set of systems for collecting, storing, and processing data, procurement technology is designed to provide in-depth analysis for the support and reorganization of performance management and decision making. Essentially, the term refers to the assortment of software used to improve service delivery within the supply chain and streamline operations as a whole.
There are a lot of moving parts within the procurement process. As such, various tech solutions have arisen to address certain pieces of the puzzle, creating the need for multiple solutions. This is why procurement tech is generally classified as a set instead of a single, all-in-one solution. Although it may take more than employing one module in an enterprise’s ERP to develop a complete end-to-end system, doing so can improve business efficiencies and lead to a favorable ROI.
Another benefit is the increased visibility it can offer. For example, e-procurement software facilitates finding, purchasing, and managing relationships with vendors. Available as cloud-based and intranet systems, these services provide organizations with automated tools designed to support business operations, achieve greater productivity, and reach a higher level of transparency within the system. As a result, companies can establish a streamlined workflow that reduces delays and enhances overall operative functionality, giving them a competitive edge.
E-procurement software is only one of the many modernizations available to organizations that rely on robust supply chain and procurement processes. For further examples of procurement technology solutions and their benefits, please see the accompanying resource.
Related posts
Hot Topics
Recent Posts
- How to grow your YouTube channel with email marketing August 24, 2023
- The Evolution of Tablets: Bridging the Digital Divide August 22, 2023
- The Role of Technology in Water Positivity: Innovations for Sustainable Water Solutions August 7, 2023
- Cold Heading in Parts Manufacturing July 25, 2023
- Effective Vendor Relationship Management July 25, 2023
- Eliminating Repetitive Tasks in Manufacturing July 25, 2023
- Four Home Repairs You Can Do on Your Own July 21, 2023
Archives
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- December 2022
- November 2022
- October 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- May 2018