Technology is pervasive in our everyday life – it’s smart, fast, intuitive and everywhere. Business technologies, on the other hand, are only now starting to catch up. Today, procurement leaders are taking advantage of technical innovations that share some of the best aspects of social, commercial and B2C platforms – and are achieving impressive results.
Several procurement technology trends exemplify this exciting shift in the industry. In particular are user expectations for:
Expectations for explicit insights drawn from multiple data sources that can be easily accessed and used to inform smart business decisions. For example, sourcing, supplier management, payment systems, and contract management can now be connected to maximize value creation and strategic initiatives by enabling more savings, spend control and contract compliance. Source-to-Pay technology providers today are also building in analytics capabilities. The insights pulled from all these data points reveal additional ways to cut costs and improve productivity.
SaaS cloud-based solutions power greater agility and efficiency. Increasingly reliable, safe and speedy processing combined with intuitive automation have increased the value of procurement departments by accelerating processes, reducing costs and protecting businesses from risk and compliance issues on both the buy- and sell-side.
Intelligent and useful designs have increased software adoption, making the promises of these tools more realistic and reducing the time to ROI. Approvals can be made on the go and workflow capabilities maximized to ensure compliance and increase efficiencies in the source-to-pay process.
Cloud solutions deliver on the promise to be anywhere, anytime. As work environments demand flexibility, accessibility and productivity everywhere, it’s not surprising that demand for cloud-based tools continues to accelerate. Increasingly, businesses demand technologies that are plug-and-play, quick to implement and easy to adopt enterprise-wide. Functionality and the ability to easily scale up from one solution to a full suite is key. SaaS offers the agility to deliver where legacy systems fail to keep pace. (To learn more about the dynamics of cloud computing, check out this webcast)
Social-inspired functionality is convenient and intuitive, and modern sourcing technologies are catching up. More and more these tools are as easy to use as social and e-commerce sites, compliance is built in and supplier adoption is as simple as clicking a friend request.
Those who are making source-to-pay technology work are benefiting from exciting innovations that deliver impressive savings, improve relations and increase relevancy for their procurement team across the organization. Source-to-pay technology adds real value with end-to-end process and increased visibility, insight and control across the business.
* Source-to-pay and enterprise contract management is increasingly complex. If you want smarter, more agile and more sociable technology, learn more about the benefits of cloud computing. Check out this webcast or contact us with your questions.