Top 20 Procurement Solution Companies - 2019
Today, business leaders have earmarked technology as the key element to foster growth in the procurement management space. From tracking ordered inventories to digitally managing contracts, technology is refurbishing every aspect of procurement management to carve out the pathway for success.
In 2018, the adoption of cognitive technologies like artificial intelligence (AI) and machine automation by businesses gave rise to a smarter and more digitally equipped supply chain and procurement management system. This year, businesses are exploring a wider usage of innovative technologies to optimize several business processes, like manual code entry of inventories or user testing, for eliminating the prerequisite of possessing advanced programming skills. Automation of this kind has navigated procurement and supply chain management on an uphill journey with added utility, flexibility, and productivity.
While these AI-fueled revelations remain one of the most prominent trends, the addition of digital twin—a technology that can digitalize machinery—has expanded the impact of digitization in the manufacturing and procurement industry by many folds. As a result, this system has enabled the real-time analysis of machine data, thereby offering enterprises the ability to prevent breakdowns and revenue losses in the upcoming procurement process. Enterprises will flourish further in 2019 with quantum computing gracing the procurement tech realm. With its high potential in processing unprecedented volumes of data, quantum computing is enhancing computing power, scalability for industries, and bringing in new levels of optimization in the procurement of goods and services.
On the other hand, some industry experts have emphasized on developing team efficiency in technology adoption. As per the Deloitte CPO Survey 2018, 51 percent of procurement leaders remain hesitant to deploy new technologies like AI, Robotic Automation, and Blockchain in their workflow. They believe that their teams do not possess sufficient capabilities to deliver on the digital procurement strategy. Bearing that in mind, organizations are channeling time and resources to build a talent pool dedicated to bolster procurement functions through specialized training and skill development programs.
With an arsenal of similar leading-edge technologies entering the market, CIOReview brings to you some of the leading procurement management solution providers to paint a clearer picture of the proliferating trends and practices in the market. In our cover story, we have Coupa Software spearheading innovation in the procurement tech space with their all-inclusive procurement software. The company helps organizations to gain complete visibility, control procurement expenses, and save valuable time. In the featured profiles of this edition, we have the companies like Bonfire that offers a smart cloud-based sourcing solution for procurement professionals, while Negotiatus transforms the way business administrators and users place orders, control spend, and submit payment across their vendors. We hope this issue of the CIOReview helps you build the partnership you and your firm needs to cultivate a technologically-driven business.
We present to you CIOReview’s “20 Most Promising Procurement Solution Providers – 2019.”