The procurement process is no walk in the park; it requires enterprises to find reliable suppliers, select the right products, assess purchase orders, and facilitate payments for their supplies. If that’s not challenging enough, the fast pace of the modern business landscape also requires companies to accomplish these tasks as quickly as possible if they want to remain competitive in their industry.
The world of procurement has undergone tremendous changes from the past couple of years. For long, the rise of digital technologies and its positive impact on procurement has been projected as a procurement trend. Organizations are finally moving to adapt to cognitive procurement technologies such as Big Data Analytics, Machine Learning, Natural Language Processing, Artificial Intelligence, 3D printing, blockchain, and Robotic Process Automation. From automating redundant procurement tasks to empowering C-Suite in decision making, from better market visibility through product innovation to increased profitability, the benefits of digital technologies are enormous.
To realize the maximum value, organizations have to take the leap from manual to digital transformation with a proper strategy in place. They need to invest in the right infrastructure, processes, resources, and service provider with a vision that aligns with the organization’s objectives in the long term. As procurement is gaining more strategic importance within an organization, the expectations from this function are also increasing. There are some firms that are working towards giving higher quality at a lesser value, more forward-thinking highlights, and at shorter age times while managing the costs reasonably.
Rising demand among enterprises to streamline the procurement processes drives the growth of procurement as a service. The global procurement as a service market sizes to grow from USD 5.4 billion in 2019 to USD 7.8 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 7.6 percent during the forecast period. The growing need among enterprises to reduce the costs associated with procurement operations and streamline procurement processes is expected to drive the growth of the market across industry verticals globally.
CIO Applications Europe has compiled a list of Top 10 Procurement Services Providers that are at the forefront of harnessing the power of technology to tackle today’s procurement challenges, reduce workload, better manage their procurement needs and increase efficiencies.
In this edition, we are glad to feature companies like HP Inc, CosmoONE, Elemica , Titan Solutions, and more who have been revolutionizing the space with their groundbreaking solutions. With several innovative technological capabilities and success stories up its sleeves, these service providers are continually proving its mettle in the field of procurement. We hope this issue of the CIO Applications Europe helps you build the partnership you and your firm needs to foster technologically-driven supply-chain management.
We present to you CIO Applications Europe’ “Top 10 Procurement Services Providers in Europe 2019.”