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.
Continue reading “8 Top Procurement Technology Trends For the 21st Century” →