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The role and the perception of procurement is undergoing a transformation, fostering competitive differentiation through improved profitability, increased supplier collaboration and new product developments. Today, a Chief Procurement Officer (CPO) must address multitude of challenges as savvy businesses move beyond traditional sourcing and procurement goals of reducing costs and ensuring supply availability. While the trend of embarking on comprehensive strategic sourcing and spend management programs have already been initiated, CPOs must also ensure that organizations realize the benefits of the revolution that is taking place in the procurement space and secure goods and services that expand procurement capabilities.
To elevate the procurement operations, technology providers in this arena are delivering integrated solutions that improve data integrity and simplify reporting. The solutions come with added benefits including reduced catalog maintenance by the buyer, reduced storage requirements and streamlined transaction processing. Spend analytics, eSourcing, Supplier & Contract Management, spot buying /tail spend management, savings tracking and budget management are technologies that are being coupled with market intelligence and data to drive greater procurement effectiveness.
In this addition of CIO Applications, we present the 25 Procurement Solutions Transforming Business, featuring the best solutions that improve procurement processes, visibility, detailed audits, and more accurate tracking of savings. The companies featured in this issue have exhibited extensive business knowledge combined with innovative strategies. A distinguished panel comprising of CEOs, CIOs and analyst including the CIO Applications editorial board have selected the companies that are at the forefront of tackling challenges in the procurement landscape.
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