Top 20 Procurement Solution Companies - 2015

In the past, procurement referred to the comprehensive function that describes only the activities and processes to acquire goods and services. But, in today’s dynamic business world, procurement encompasses an intricate assortment of activities concerned with establishing fundamental requirements, sourcing activities such as market research and vendor evaluation, legal systems, and risk management--all designed to address an institution’s needs.

For years, Chief Procurement Officers focused on minimizing expenses for procured equipment and services. Today, they face an increasingly multifaceted landscape subjugated by legal issues, sustainability concerns, regulatory compliance, and ethical considerations that could influence not only their company’s bottom line, but also its trademark and public image. In this landscape, technology is not only acting as a catalyst for metamorphosis; it is also enabling the metamorphosis. Procurement professionals today are utilizing technology to configure the solutions to track savings, quantify, and scrutinize supply risk, support category management, and leverage ecosystem knowledge. There are hosts of solutions that proactively address the issues in the procurement landscape and assist organizations to take the pivotal stride towards innovation while mitigating risk and sustainably along with reducing expenditures.

In this edition of CIO Review, we present you the 20 Most Promising Procurement Solution Providers 2015, featuring the best solution and service providers offering tools and services on the procurement landscape. The companies featured in this issue have exhibited extensive business process knowledge combined with innovative strategies. A distinguished panel comprising of CEOs, CIOs, and analysts including the CIO Review editorial board have selected the top companies that are at the forefront of tackling challenges in the procurement landscape.