Procurement Technology - Need of the Hour

What is Procurement Technology?

Procurement technology refers to the use of software and other digital tools to simplify and streamline the procurement process. This technology can help organizations to streamline their procurement operations, reduce costs, increase efficiency, and improve collaboration with suppliers.

Some of the most commonly used procurement technologies include e-Sourcing tools, Purchase-to-Pay (P2P) systems, Spend analytics software, Inventory management tools, contract management software etc.

With an increasing emphasis on streamlining procurement processes, procurement technology is integrated with other business operations to offer real-time visibility and ascertain savings opportunities.

The evolution of procurement technology has helped procurement become an important strategic function generating considerable value for the organization.