Category: Procurement Automation

Recent advances in technology have created profound impacts on many businesses activities. In particular, digital transformation is rapidly changing back-office operations such as supply chain management and procurement. Digitally transformed organizations increase efficiency, lower cost, and adapt to fast-evolving customer expectations.

To stay relevant, competitive, and profitable, businesses need to keep pace with new technologies. Procurement is no exception. New technologies facilitate e-procurement, contract repository, supplier performance management, spend analysis, supplier information management, AP automation, business networks, contract authoring, and more.

Today, the kinds of software, hardware, and peripherals available has exploded. It’s not always easy to identify the right technologies in which to invest so you can maximize the ROI for your IT budget.

To get the most out of the latest technologies, you must first understand the top trends that are impacting the procurement process. That will help you select the right tools that meet the needs of your organization.

Procurement is an essential component of any business. In order to operate effectively and produce its own goods and services, every organization must procure various goods and services from third party vendors.

Effective procurement processes save costs, aid compliance, ensure you work with reputable suppliers and eliminate delays and mistakes. Procurement also helps modern organizations attain non-financial goals such as sustainability, reduce their environmental footprint and burnish their green credentials.

Digital procurement processes can be measured through mutually agreed upon metrics. The resulting alignment with corporate priorities elevates procurement into a strategic function within the organization.