The digital procurement systems category is expected to grow at a CAGR of 10% from 2023 to 2030. North America accounts for the largest share of the category. The need to optimize the global supply chain, and the growing adoption of mobile procurement solutions, are driving category growth. Major corporations are employing a variety of strategies, such as mergers and acquisitions, strategic partnerships and contracts, and the development, testing, and release of new products. For instance, in February 2022, Coupa Software announced a suite of the next step in spend management products called Community.ai. Community.ai integrates data-driven artificial intelligence to improve person-to-person connections and transform B2B communities.
Mobile procurement solutions allow purchasing staff to oversee sourcing operations while on the go, which saves money and time. They improve procurement process efficiency by enabling procurement executives to examine and authorize purchase orders, payments, and contracts from their mobile devices. Furthermore, real-time access to procurement data allows for faster and more informed decision-making, driving the use of mobile sourcing technology.
Order your copy of the Digital Procurement Systems procurement intelligence report 2023-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis
Companies are continuously focusing on collaborating or developing their own technology. For instance,
- In October 2022, Airtel implemented Oracle's SCM cloud and Fusion ERP systems, to address issues like ongoing integration, automation, and adaptability for the age of 5G. The Oracle cloud fusion system supported Airtel in organizing manual operations and gaining full on-demand access to its efficient financial data and supply chain management.
- In July 2022, Workday and McKinsey & Company forged an agreement to assist clients who were dealing with financial and human resources issues. The alliance aimed to deliver real-time data insights and recommendations for officials throughout the world. The two companies' collaboration implemented Workday Strategic Sourcing, and they developed a dynamic negotiating analytics engine to assess procurement proposals.
- In February 2022, Coupa Software announced a suite of the next step in spend management products called Community.ai. Community.ai integrates data-driven artificial intelligence to improve person-to-person connections and transform B2B communities.
- In September 2021, McCarthy Holdings, a construction corporation based in the United States, collaborated with GEP to deploy its smart purchase software. The company intended to use GEP procurement systems to transform its source-to-pay process.
Digital Procurement Systems Sourcing Intelligence Highlights
The global digital procurement systems category is moderately consolidated, because of the presence of a few large and minor companies operating both domestically and internationally. To strengthen their customer base presence, these businesses engage in collaborations, mergers and acquisitions, and new product releases.
The bargaining power of suppliers in this category is high due to a few factors. First, there are only a few major players in the market, giving suppliers more power in negotiations. Second, switching systems are costly and disruptive, making buyers less likely to switch. Third, suppliers have a deep understanding of the market and buyers' needs. Fourth, suppliers are constantly innovating, making it difficult for buyers to keep up.
License, support, implementation, and maintenance form the most significant cost component in providing digital procurement systems. The overall cost also depends on training, the software solution implemented, and the size of the database.
Vendors in this category offer services from system selection & implementation, data analytics, storage, system upgrades, and others
List of Key Suppliers
- SAP SE
- Proactis Holdings PLC
- Coupa Software Inc.
- Microsoft Corporation
- Oracle Corporation
- Epicor Software Corporation
- Ginesys
- Zycus, Inc.
- Ivalua Inc.
- Infor Inc.
Browse through Grand View Research’s collection of procurement intelligence studies:
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Creative Advertising Procurement Intelligence Report Scope
- Creative Advertising Category Growth Rate : CAGR of 10% from 2023 to 2030
- Pricing Growth Outlook : 10% - 12% increase (Annually)
- Pricing Models : Subscription-based pricing model, cost-plus pricing model
- Supplier Selection Scope : Cost and pricing, past engagements, productivity, geographical presence
- Supplier Selection Criteria : Procure-to-pay, sourcing, contract management, risk management, analytics, experience, solution type, scalability, support, technical expertise, security measures, cost and value, support and maintenance, regulatory compliance, and others
- Report Coverage : Revenue forecast, supplier ranking, supplier positioning matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model
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Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.
Our services include (not limited to):
- Market Intelligence involving – market size and forecast, growth factors, and driving trends
- Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
- Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
- Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
