Top Procurement Companies
Today, business leaders have earmarked technology because the key element to foster growth within 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 fulfillment .
In 2018, the adoption of cognitive technologies like AI (AI) and machine automation by businesses gave rise to a better 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 type has navigated procurement and provide chain management on an uphill journey with added utility, flexibility, and productivity.
While these AI-fueled revelations remain one among the foremost prominent trends, the addition of digital twin — a technology which will digitalize machinery — has expanded the impact of digitization within the manufacturing and procurement industry by many folds. As a result, this technique has enabled the real-time analysis of machine data, thereby offering enterprises the power to stop breakdowns and revenue losses within 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 knowledge , quantum computing is enhancing computing power, scalability for industries, and bringing in new levels of optimization within the procurement of products and services.
On the opposite 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 don’t possess sufficient capabilities to deliver on the digital procurement strategy. Bearing that in mind, organizations are channeling time and resources to create a talent pool dedicated to bolster procurement functions through specialized training and skill development programs.
At this juncture, there is a variety of procurement solution provider companies entering the market to cater to the different needs of enterprises. To help them choose the solution or service that best fits their requirement, CIOReview has compiled lists of the most promising procurmnent solution providers. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for aspiring CIOs.
CIOReview’ Top Procurement Companies