Procurement technology has seen a lot of changes right from its inception. From simple spreadsheets and e-auction tools a decade ago to the end-to-end procurement platforms of today – the software has become more powerful, proficient and competent. However, when organizations expect their procurement teams to be more strategic, executives would require a software that not only automates and streamlines the sourcing and procurement processes but also empowers effective decision making.
Below given are the three game-changing trends in the procurement technology, which drives the development of next-gen procurement software.
Most of the organizations across the world embracing the cloud-based tools and software for its wide benefits that they offer when compared with conventional software. The Cloud-based procurement technology not only allows companies to save on infrastructure costs, which includes installation, amalgamation, operation, and maintenance costs but also offers extreme tractability to scale as per the business needs. The cloud procurement software enables easy and better collaboration with suppliers and other stakeholders while augmenting the work efficiency and reducing cycle times.
With increasingly mobile work and lifestyles, executives look for technology and tools that allow them to work from anywhere, anytime and on any device. In fact, the Citrix Survey, reveals that by 2020, about 90% of global organizations offer app-enabled mobile work options to their employees. The procurement software, such as SMART by GEP, allows executives to work on the go while sharing the necessary information, which is a need for effective decision-making. Added to this, giving real-time access to spend data, savings, contracts, and accounts payable information, makes the mobile-enabled procurement software to source suppliers, create and issue RFPs, manage e-auctions, create POs, initiate payments, and manage the complete source-to-pay cycle – anytime, anywhere and compatible with all devices.
Big Data Analytics
As procurement transmutes from a transactional facilitator to a strategic entity, big data analytics will play a crucial role. It allows procurement to get predictive insights, which includes, but not limited to demand forecast, supplier performance, commodity price movements and many such things. The procurement software integrated with big data analytics tools and AI (Artificial Intelligence) capabilities help procurement executives to proactively identify numerous savings opportunities while minimizing risks, by providing vital insights and timely intelligence.
Companies that are looking to either invest in a capable procurement software or upgrade their current technology must look for a solution that leverages cloud technology, allow to access the data anytime, anywhere and integrated with comprehensive source-to-pay functionality on any device, and also offers cutting-edge big data analytics that helps to make an effective decision.