SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Procurement Software Market – Procurement Intelligence Report.
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Global Procurement Software Market Procurement Intelligence Report. (Graphic: Business Wire)
Taking purchase decisions based on the price of the product or procuring products in a bundle are not necessarily the guiding stars towards realizing cost-saving goals in the procurement software market. Failure to comprehend the same is resulting in sub-optimal procurement for buyers in this market. Frequently, buyers are investing in software solutions in a bundle without assessing the software compatibility with their existing infrastructure. While this is resulting in capital losses for buyers, it is also hampering the prospects of spend growth in the procurement software market.
Read the free sample of this procurement software market procurement intelligence report to know what about the risks you may face in this market and the risk mitigation strategies you must adopt to sustain your business.
According to forecasts, the procurement software market will experience an accelerated spend growth rate at a CAGR of over 8%. This spend growth will be propelled by the investments done by the manufacturing, automotive, BFSI, FMCG, retail, and IT sectors to digitize their entire procurement process.
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What are the procurement software price trends that are driving the overall price structure in the global procurement software market?
- To reduce dependence on human intervention, procurement software suppliers are implementing the latest technologies such as AI, RPAs and big data analytics to automate their software development processes. This is propelling their technology-related expenditure which will inflate the buyer’s procurement expenditure.
- Procurement software price trends hint at a substantial increase in the marketing costs incurred by suppliers increase owing to the high market competition estimated during the forecast period.
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What are the scopes of optimizing procurement spend with these upward rising procurement software price trends?
Factors that will contribute to these upward rising procurement software price trends are inevitable and will prevail for the next five years. The strategic selection of procurement software suppliers will not be enough to address the risks of excess procurement spend. In the procurement software market, buyers must focus on maintaining adequate supplier relationship management to identify areas to optimize their procurement spend and optimal category management in the long run.
The Assistance of Procurement Software Suppliers in Trial Implementation of the Software
Suppliers are expected to have the capability to support cloud-based trial implementation that will enable buyers to use the software before applying it on a large scale throughout their infrastructure. Suppliers following the industry best practice of allowing trial implementation must be preferred as this will reduce the risk of possible mismatches between the requirements and offerings.
Software Updates and Support
Evolving business demands requires updated software to match the demands. Procurement software suppliers are expected to proactively provide updates and support processes to enhance the usability experience and provision of future updates to their solution packages.
Get the free sample of this market intelligence report to know the supplier selection and negotiation criteria that are based on the current procurement software market performance across regions.
Some of the key topics covered in this report are:
- Procurement software market spend segmentation by region
- Total cost of ownership analysis in the procurement software market
- Regional spend opportunity for procurement software suppliers
- Procurement software suppliers cost structure
- Procurement software suppliers selection criteria
- Procurement software suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the procurement software market
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