Procurement’s evolving. And so is procurement technology. As enterprise procurement organizations transform from tactical teams focused on cost reduction to strategic entities that drive enterprise-wide value, the role of procurement technology — enabling this transition — has become even more critical. Conventional procurement tools and software lack the capability and functionality to support the challenging and complex requirements of today’s procurement teams. Enterprises looking to invest in new e-procurement technology or upgrade their legacy systems must look for a solution that enables their procurement teams to meet these new roles and requirements.
"We wanted a procurement technology partner who could evolve with us. Someone who is not just a procurement services expert but also offers a complete set of procurement tools. So that’s why we partnered with GEP as being a single services and tools provider for us."
– Chief Procurement Executive, Kemper Corporation
Here are five key considerations for selecting a procurement technology solution that’s future ready.
Cloud-based Platform
Using multiple tools and software across the source-to-pay cycle diminishes the benefits of automation and limits collaboration between stakeholders. A single, unified cloud-based procurement platform that streamlines and automates all procurement processes, including spend analysis, savings tracking, sourcing, contract management, and procure-to-pay, can not only boost process efficiency but also allow all business stakeholders to collaborate efficiently and optimize savings opportunities.
Native Mobility
Today’s increasingly mobile workforce needs anytime, anywhere access to information to make informed decisions. A cloud-based, mobile native procurement software would allow procurement professionals to work on the go, on any device – PC, laptop, tablet or mobile – boosting productivity and enabling informed, effective, decision making.
Built-in Social Collaboration
Social media has not only changed the way people interact with each other but also transformed the way enterprises do business. Procurement technology with built-in social collaboration tools can help enterprise procurement teams increase productivity, foster innovation through improved collaboration with suppliers and other stakeholders, minimize risk, and enable effective decision making.
Creative Features
Procurement teams today need much more than transactional tools to manage their work more efficiently. A unified procurement platform with a set of innovative features, such as sourcing and category workbenches, real-time market intelligence, and supplier enabled innovation would allow procurement organizations to increase their impact and drive more value across the business.
Intuitive Intelligence
With procurement expected to play a more proactive role in supporting key business decisions and managing supply risk, access to real-time information and insights to drive decision making will be crucial. A cloud-based procurement technology solution comprising intuitive A.I.-based analytics and advanced risk management tools, with intuitive alert-and-report mechanisms can deliver actionable insights to help maximize savings opportunities and mitigate risks before they happen.
Trends in Procurement Technology
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