The rise of the procurement ecosystem: putting power back in your hands
In procurement technology, as in so many walks of life, freedom matters. It's even more critical as organisations accelerate digital transformation in the midst of unprecedented uncertainty.
Too often, procurement leaders are led to believe that their choice of technology resembles that of a pontoon player with a promising hand: either be cautious and stick with what you have, or ask for another card, and risk everything. But it doesn't have to be that way. Integration technology has advanced significantly allowing procurement systems to be connected quickly, securely and inexpensively.
In this report, produced in partnership with VendorPanel, we explore how procurement leaders can make their organisations more agile, flexible and resilient by creating an ecosystem of tools configured to suit their needs.
VendorPanel simplifies procurement, reduces risk and drives savings. It is an easy-to-use, award-winning platform, trusted by over 2,400 buying organisations to manage $2.4 billion in spend last year. The problem we solve is a big one. Up to 60% of procurement is decentralised and hidden in email. This presents a real risk to transparency, governance and probity. Too often, this spending delivers poor value, with little real competition and no reporting or analytics.VendorPanel gives a procurement function full visibility and control of decentralised sourcing. Buying staff get competitive quotes and proposals from the right suppliers. Procurement Teams get transparency of sourcing, with real-time reporting and analytics. Executives can mitigate risk, drive savings, and deliver positive social and economic development impacts.
