The constant year on year growth of the IT industry and the use cloud-based solutions for process automation have triggered the demand for procurement software.
LONDON: The strategic procurement market research report on the global procurement software market is an integral part of SpendEdge’s IT category portfolio and offers a comprehensive analysis of the current supply markets, factors influencing purchasing decisions, pricing models, supplier landscape, and procurement best practices. It also offers insights into the major supply market insights, demand-supply shifts, and key market developments to help procurement professionals make smart purchasing decisions.
The growth of the global procurement software market is triggered by the growing requirement for data analytics capabilities. Purchasing managers are demanding features such as vendor performance analysis and spend analysis. This is resulting in the need to develop novel software that has built-in functionality for analytics leading to growth in demand for procurement software.
“Purchasing managers must ensure compatibility of software to legacy systems for seamless data integration,” says Bhuvaneshwari Udayakumar, an IT procurement research specialist at SpendEdge.
Software packages from the different suppliers are often incompatible with each other due to which data management becomes a challenge. Henceforth, purchasing managers may need to invest in solutions for integrating systems, which may not always lead to optimum results.
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This procurement report on the procurement software market offers insights on:
- Supply markets, growth drivers, and challenges
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- Procurement best practices
- Negotiation strategies and cost-saving opportunities
- Pricing models and market innovations
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