The world of procurement has undergone tremendous changes over the years. For long, the rise of digital technologies and its positive impact on procurement has gotten many organizations to implement cognitive procurement technologies such as Big Data Analytics, Machine Learning, Natural Language Processing, Artificial Intelligence, and Robotic Process Automation. The advent of such cutting-edge technologies is helping the industry redefine the procurement function and supply chain alike. 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.
With growing adoption of mobility and cloud technologies, marrying AI-enabled procurement tools and technology with cloud and IoT will equip procurement solution providers with real-time and accurate information and grant them access to budget reports and supplier information. Today, businesses look for a more intuitive app-like feature in procurement systems that helps them make smarter purchasing decisions, approvals are happening on the go instead of being stuck in inboxes for days. Next-generation procurement mobile applications enable functionalities like supplier catalogs, spend analysis, supplier networks, and contract management, allowing intuitive e-commerce-style expertise. They also provide procurement professionals with real-time demand and supply visibility and supplier performance ratings, among other benefits. The use of digital and automated tools has enabled procurement teams to achieve greater efficiencies allowing them to shift their focus on strategic parts of business such as relationship building and long term planning. In addition, these tools help convert procurement data into intelligence that can be leveraged to make informed decisions faster.
Understanding the changing times, CIO Applications Europe has compiled a list of Top 10 Procurement Solution Providers in Europe to guide businesses associated with the procurement sector in harnessing the power of technology to tackle today’s procurement challenges, reduce workload, and increase efficiencies with tools that provide an excellent customer experience.
With several innovative technological capabilities and success stories up its sleeves, procurement solution providers like CosmoONE, Elemica, and Titan Solutions that are constantly proving its mettle in reshaping the future of supply chain and procurement. We hope this issue of the CIO Applications Europe helps you in choosing the right partner and your firm needs to foster technologically-driven solutions to improve your procurement efficiency.