Top 4 Procurement Software Trends
Using software in procurement management is an excellent way to help maximize proficiency and streamline your operations so that you not only increase production, you build better relationships with your suppliers, increase collaboration within your organization, and improve the entire supply chain process.
However, it’s a good idea to keep an eye on procurement software trends, which can further boost productivity. For example, you may be using software for one aspect of your process (such as for analytics), but not for others, such as using eAuction software for procurement to improve sourcing.
Read on to learn more about the best procurement software and what you can add to your current software platform to help improve your process.
Procurement Software Trends: Cloud-Based Software
Cloud-based software and data is nothing new, and you most likely use “the cloud” for many things, including storage for your phone and your computer. You may already be using cloud storage for securing data when it comes to the office. Still, you should also be considering it when it comes to e-procurement application software and integration.
Cloud-based technology and software should be able to allow you to integrate some of the existing software that you don’t want to scrap, such as your customer service, travel, and accounting software, and integrate it with newer procurement software. Procurement software through the cloud is one of the biggest procurement software trends.
Procurement Software Trends: Big Data
Your digital e-procurement software platform needs to be able to take data and analyze it so that you can track spend and make educated decisions throughout the supply chain. A good analytics program should help you evaluate vendors and suppliers, decide on budgets and run cost analysis, and evaluate nearly every part of the procurement process.
You also want procurement software that will help you generate and pay invoices automatically, so financial and payroll integration is another top trend.
Procurement Software Trends: Blockchain
Blockchain is a type of digital currency system with a wallet style application.
Digital currencies tend to fluctuate, but this is a trending procurement software solution in despite fluctuation. That’s partly because it allows you to set up a solid peer-to-peer economy and remove third parties, so essentially you can build good relationships with suppliers.
It has also enhanced data security, so you can have peace of mind with your data and contract information. Time will tell if Blockchain will have staying power in the procurement management process.
Procurement Software Trends: The Human Factor
With so much talk of automation and technology, it’s surprising to see that the human touch is a trend. However, good procurement software enhances collaboration and transparency, not only within your company but with your suppliers and partners.
eSourcing and eAuction software can help you set up reverse auctions, build relationships with new suppliers, and form better partnerships with existing ones. Smarter sourcing lends itself to greater social responsibility, which is also a very human-oriented attribute. Overall, good procurement software, AI, and automation will help you build better relationships, not break them down.
To hear more about the latest procurement software trends or how we can help you streamline your procurement process, contact EC Sourcing Group today at 973-936-9672 to get in touch with us about setting up an appointment.