Digital Procurement Systems Sourcing Intelligence Forecast To Register CAGR Of Over 10% Till 2030Posted by rahul nikade on June 10th, 2024 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,
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
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Explore Horizon, the world's most expansive Market Research Database 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):
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