Procurement and sourcing have been improved through the efficiency and value of evolving technologies.

Advancements have provided opportunities to enhance market synchronization, present new suppliers, ensure compliance, increase speed and volume, reduce risk, and increase trust by eliminating human error.

These improvements enrich both the buyer’s organization and the performance of suppliers, which in turn improves the buyer-supplier relationship. Many organizations are already using automation, reporting dashboards, and contract management systems as a way to increase efficiency.

As businesses move to the cloud, the use of Software as a Service (SaaS) for procurement is only made easier. Many companies are utilizing new technologies, like spend analytics, supplier performance management, and market intelligence software. Software platforms such as these allow companies to discover purchasing patterns, as well as identify opportunities for cost reduction and performance improvements.

Additionally, companies now have the ability to track purchasing patterns over time. As a result, they can more accurately forecast a path of travel and where a line is directed, allowing teams to anticipate complications and mediate immediately. Procurement professionals will be more equipped to stay ahead of problems and respond proactively.