To thrive is present competitive market, organisations are trying their best to catch up with latest Procurement Trends.By embracing the latest procurement trends, organisations and making their procurement function more efficient, lowering the total cost of procurement and making the procurement function more customer satisfaction oriented.
Recent advancement in technology bringing improved application in almost all business functions. Digital transformation is rapidly changing back-office operations like supply chain management and procurement.
Procurement Trends are most recent technologies those facilitates e-procurement, contract repository, supplier performance management, spend analysis, supplier information management, AP automation, business networks, contract authoring, and more.
Investment in right technology that can maximise the ROI for our IT budget is of utmost importance to the organisation.
But to select the right tools that meet the needs of our organisation we must understand the top trends in Procurement & Technology, those are influencing the procurement process and helping organisations in achieving cost-efficiency while improving customer satisfaction.
Top 5 Procurement Trends, those have the potential to drive the Procurement Organisations from Good to Great are Cloud-Based Procurement Software, Microservices and Low-Code Platforms, Data Analytics, AI-Driven Technologies & Mobile Procurement.
1. Cloud-Based Procurement Software
Cloud-based procurement software allows total control and oversight of services spending. Businesses can efficiently handle the process of requisitioning, sourcing, procuring and handling payments for services, modernising the business’ procurement services.
- SAP Ariba.
- Tradeshift Pay.
- Basware Purchase to Pay.
- Oracle EPM Cloud.
- SAP Fieldglass.
2. Microservices and Low-Code Platforms
Low-code application development platform bridges the gap between business and IT. Apps and services are not coded but modelled in a uniform visual modelling environment which minimises complexities found in traditional software development.
3. Data Analytics
Companies desires to get a consolidated view on procurement spend has given birth to procurement analytics.
Procurement analytics are primarily used to describe, predict or improve business performance. Procurement analytics enable data-driven decision making, where purchasing decisions and supplier relationships are managed more effectively.
4. AI-Driven Technologies
Artificial intelligence helps Procurement organizations to solve complex problems more efficiently or effectively using smart computer algorithms. AI can be embedded into a number of software applications from spend analysis to contract management and strategic sourcing.
5. Mobile Procurement
Mobile procurement helps organizations to run their procurement process from a mobile device. All procurement function can be performed on the go in mobile procurement order creation, on-demand notifications, and real-time analytics.
Some of the mobile procurement providers are SAP Ariba Procure-to-pay, Jaggear Procure-to-pay and may others.