With 2020 marking paradigm shift in the global economy, organizations are now eagerly riding the digital transformation bandwagon and incorporating new technology to assist them in their work processes. We are witnessing significant growth in the adoption of technologies like big data analytics, machine learning, AI, and automation to transform the procurement dynamics. These digital technologies are helping managers to automate redundant procurement tasks into C-suite decision-making processes, enabling organizations to increase profitability by enhancing market visibility through product innovation.
Also, procurement managers are heavily investing in tools that target spend analytics, contract management, and risk management. Not to forget, the benefits of cloud technology are facilitating smooth integrations with existing software packages. The improved integrations are connecting the entire organization as part of the supply chain by seamlessly aligning the new updates with existing financial, production, and other data. This has even allowed data procurement teams to effectively enhance the efficiency and overall productivity levels of their organization.
Furthermore, today’s procurement organizations are building deeper relationships with suppliers by harnessing the benefits of these sophisticated technologies, especially big data. Mindfully segmenting suppliers into tiers, based on their role within the organization and implementing a set of measures and tools at each tier level, big data-based strategic procurement has improved the analytical capabilities of mangers required to make the process manageable, cost-effective, and transparent. In essence, managers today are prioritizing value over cutting-costs and are keen on establishing deeper ties with the suppliers.
In order to assist supply chain management companies in the task of finding accomplished procurement solution providers, we have compiled this issue of CIO Applications. In this edition, we have listed the top 10 procurement solution providers to highlight the companies that can escalate the chances of your growth. Equipped with innovative technological capabilities, these procurement solution providers are set to transform the supply chain management landscape. This edition also blends through thought leadership from subject matter experts, CIOs, and CXOs, with real-life stories on how the solution providers have enhanced the capabilities of their clients. We hope this issue of CIO Applications helps you build the partnership you and your organization need to foster a workspace driven by robust and efficient technology.
We present to you CIO Applications’, “Top 10 Procurement Solution Providers – 2020.”