Procurement functions form an integral part of any organization. They impact the cost of final products and comprise a significant portion of an organizations’ cost. Organizations, therefore, must know cost-saving strategies that can help them gain a competitive edge in the marketplace. Digital procurement eliminates redundant procurement steps and increases the procurement process efficiency, thereby optimizing the procurement cost.
At SpendEdge, we understand that reducing the purchasing price, securing supplies, minimizing warehousing costs, and maintaining quality guidelines is imperative for organizations to stay ahead of the curve. And to help you achieve such objectives, we have highlighted top trends in digital procurement.
Key Trends in Digital Procurement
Automation in procurement
The procurement function has evolved in the last few years. With automation technologies such as source-to-settle processes, procure-to-pay, e-procurement, and contract management even non-procurement professionals can handle the process and help procurement professionals to utilize their time in devising procurement strategies. Organizations can automate sourcing, procuring, and invoicing processes.
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Data analytics in procurement
Organizations today are unlocking the real value of data by leveraging big data and analytics. This not only saves time and cost but also helps organizations to improve risk management and category management. Vendor evaluation, spend analytics, and demand forecasting are some of the most popular applications of data analytics. To know in detail the scope of data analytics in procurement, get in touch with our experts now!
Dedicated procurement systems
Earlier digital procurement systems were designed with a one-size-fits-all mindset. But now companies require customized offerings out of these systems to handle transaction volume and complexities of businesses and suppliers. They are shifting towards developing their own custom platforms.
To gain more insights into the latest procurement trends, read the complete article here!
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