Top 20 Procurement Solutions Companies - 2022
According to the global news wire, the procurement industry is expected to reach a staggering $13.9 billion in 2030 from $6.6 billion in 2022, at a CAGR of 9.8 percent. This growth stems from increasing demand from enterprises to streamline procurement processes and the positive impact of the evolution of business process outsourcing (BPO) on procurement outsourcing.
As the procurement industry keeps growing and shifting to a central figure in the value chain, they also feel more pressure to drive multidimensional value, bringing in new challenges, strategies, projects, and ways of working. With these new strategies and ideas, the industry is redesigning itself with digital transformation trends like touchless payments, AI, and more.
One of the benefits of digital transformation is the availability of selfservice portals, improving the user experience and speeding up business processes as dependencies on other people are eliminated. The portals allow organizations to lower costs and improve efficiency by providing personal and effective purchasing experiences, avoiding human errors.
To put the spotlight on such key developments in the industry, CIOReview illustrates how the procurement space is leveraging the amalgamation of various technologies to execute procurement strategies. This edition also features thought leadership articles from subject matter experts. Some of the exclusive insights are authored by Jaime Robles, VP of Procurement and Sourcing at Casey’s; Phil Morgan, Sr. Director, Head of Global Strategic Sourcing and Procurement Operations at Electronic Arts; and Guilda Javaheri, CTO of GSF.
In this edition of CIOReview, we also bring to you the story of the most promising procurement solution providers. In the list, XPROfintech stands out for its cost-effective cloud-based solution for automating the relationship between the buyer and the supplier, from onboarding and verifying suppliers to generating revenue and making payments. We also bring to you the story of Flueed ACQ Global, using cutting-edge proprietary procurement processes, and Green Mountain Technology, bringing innovation and technology to help large companies manage their Parcel and LTL spends. John Alexander Consulting tells the story of designing, procuring, and implementing the ideal telecom solution, and Sysoft Corporation specializes in data-driven analytics for procurement, contract monitoring, and more.
Through the following pages, we aim to shine a light on the innovative trends and latest developments in the procurement industry. We would like to know your thoughts.