Procurement technology has evolved. From simple spreadsheets and online reverse auction tools a decade ago to the comprehensive platforms of today, procurement software is now more powerful, capable and efficient. However, as companies expect their procurement teams to be more strategic, procurement executives would need software that not only automates and streamlines all procurement and sourcing processes, but also enables effective decision making.
Here are three revolutionary trends in shopping technology that are driving the development of the next generation of shopping software.
1) Cloud Computing
Businesses around the world are embracing cloud-based software and tools for the various advantages they offer over conventional software. Cloud-based procurement technology not only allows companies to save on infrastructure costs (installation, integration, operation and maintenance), but also offers the flexibility to scale according to business needs. Cloud procurement software also enables easier and better collaboration with suppliers and other stakeholders, which improves efficiency and reduces cycle times.
2) MobileNative
With increasingly mobile work and lifestyles, employees demand technology and tools that allow them to work from anywhere, anytime, and on any device. In fact, a Citrix survey states that by 2020, nearly 90% of all large global organizations will offer app-enabled mobile work options to employees. A native mobile purchasing software, such as SMART by GEP, allows purchasing executives to work on the go, providing all the information needed for effective decision making. In addition to providing real-time access to spending, savings, contracts and accounts payable information, mobile-enabled purchasing software enables purchasing professionals to search for suppliers, create and issue requests for proposals, manage electronic auctions, create purchase orders, initiate payments and manage the entire process from origin to destination. -pay cycle: anytime, anywhere, on any device.
3) big data analytics
As procurement transforms from transactional facilitator to strategic entity and trusted business advisor, business analytics will play a crucial role. Big data analytics would allow purchasing to gain predictive information such as demand forecast, commodity price movements, supplier performance, among others. Procurement software, with built-in big data analytics tools and artificial intelligence capabilities, would enable procurement professionals to proactively identify savings opportunities and minimize risk by providing crucial insights and timely intelligence.
Companies looking to invest in new procurement software or upgrade their current procurement technology should look for a solution that leverages cloud technology, offers anytime, anywhere access to relevant information, and full origin-to-pay functionality. on any device, and also provide cutting-edge business analytics capabilities to enable effective decision-making.