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Market trends in procurement technology 2023

Spend Matters

This article highlights the changes and trends that our scoring process and general market knowledge has brought to our attention. The post Market trends in procurement technology 2023 appeared first on Spend Matters. This content is for members only. Visit the site and log in/register to read.

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What percentage of ProcureTech solution provider marketing and salespeople are truly knowledgeable about the procurement industry’s real challenges and understand the difference between solution selling and fear selling?

Procurement Insights

Estimating Knowledge Levels Procurement Industry Challenges: Challenges Identified: Procurement faces issues like poor data quality (93% of leaders report supplier data issues, per Tealbook 2020), low taxonomy adoption (2040%, per Deloitte), digital readiness gaps (86% of U.K. ProcureTech solutions must address these to deliver value.

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Business Performance: The 3 Key Boosters of Procurement

Jaggaer

Procurement teams now include specialists such as category managers with deep market knowledge who drive sourcing events and significantly impact the companys bottom line. Looking back just 30 years, procurement was mainly seen as an ordering department. Today, its responsibilities go far beyond transactional tasks.

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Tropic: Vendor Analysis — SaaS procurement solution overview, roadmap, competitors, tech selection tips, analyst summary

Spend Matters

Software is often difficult to procure for those used to traditional procurement techniques because it requires a completely different approach from procuring direct materials and goods.

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CPO Crunch: Operating models evolve

Procurement Leaders

The benefits of the former are full compliance and spend leverage, the trade-offs are seen in functional agility, speed to market, and local-market knowledge and diversification. Decentralised models solve the problems introduced with centralisation but at the sacrifice of local service.

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7 recruitment tips for building your procurement team

Procurement Heads

A retained approach to procurement recruitment, where the agency works on an exclusive basis and is paid upfront or a scheduled fee, shows the candidate pool your organisation is serious about hiring.

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The New Procurement Reality: Managing the Supply Chain with Artificial & Human Intelligence

Jaggaer

I am a big believer in procurement getting involved as early as possible in new product development based on all the market knowledge available. The worst-case scenario is product engineering developing a new product, selecting a supplier and then telling procurement to get on with negotiation.