Enterprises seek holistic platforms that
offer agility, analytics and AI for strategic procurement
decision-making and operations, ISG Provider Lens™ report
says
Global demand for procurement software platforms is rising as
procurement becomes more strategic to enterprises, according to a
new research report published today by Information Services Group
(ISG) (Nasdaq: III), a leading global technology research and
advisory firm.
The 2024 ISG Provider Lens™ global Procurement Software
Platforms report finds that, as procurement evolves into a
strategic capability, enterprises are setting new priorities when
choosing software. They are now seeking platforms that enhance
procurement efficiency, adaptability and data-driven insights.
“Supply chain disruptions have made the business landscape far
more complex and risky in the last few years,” said Robert
Stapleton, partner and Business Outsourcing Services lead for ISG.
“Companies need an effective procurement system to navigate these
changes, and that starts with a solid, holistic procurement
software platform.”
Amid ongoing economic uncertainty, enterprises are looking for
ways to reduce costs in every area, including procurement, ISG
says. When evaluating procurement software platforms, they seek
features including spend consolidation, automated negotiation tools
and the ability to optimize supplier performance. Companies also
prioritize streamlined workflows, reduced administrative overhead
and a demonstrably quick return on investment.
The increasing complexity of procurement processes, plus growing
volumes of procurement data that need to be analyzed, are creating
more demand for software that automates repetitive tasks, the
report says. Automation can both reduce the chance of human error
and give procurement experts more time to focus on strategic
initiatives.
To make more informed decisions on sourcing, negotiation and
risk management, organizations require real-time insights into
trends in spending, supplier performance and market fluctuations,
ISG says. Advanced, AI-powered analytics, including generative AI
(GenAI), are now essential to procurement software platforms.
“The next logical step is autonomic decision-making by
procurement software itself, especially given the shortage of
skilled labor in this field,” said Jan Erik Aase, partner and
global leader, ISG Provider Lens Research. “This could be the
greatest disruptor that emerges from AI.”
The report also explores other procurement platform trends,
including the increasing demand for easy-to-use software and the
rising importance of trust between vendors and clients.
For more insights into enterprise challenges related to
procurement platforms, including continued reliance on inefficient,
manual processes and the need for more transparency between
internal functional divisions, see the ISG Provider Lens™ Focal
Points briefing here.
The 2024 ISG Provider Lens™ global Procurement Software
Platforms report evaluates the capabilities of 24 providers in one
quadrant: Procurement Software Platforms.
The report names Basware, Coupa, GEP, Infor, Ivalua, JAGGAER,
Oracle, SAP Ariba, Tradeshift and Workday as Leaders in the
quadrant.
In addition, Corcentric is named as a Rising Star — a company
with a “promising portfolio” and “high future potential” by ISG’s
definition — in the quadrant.
A customized version of the report is available from GEP.
The 2024 ISG Provider Lens™ global Procurement Software
Platforms report is available to subscribers or for one-time
purchase on this webpage.
About ISG Provider Lens™ Research The ISG Provider Lens™
Quadrant research series is the only service provider evaluation of
its kind to combine empirical, data-driven research and market
analysis with the real-world experience and observations of ISG's
global advisory team. Enterprises will find a wealth of detailed
data and market analysis to help guide their selection of
appropriate sourcing partners, while ISG advisors use the reports
to validate their own market knowledge and make recommendations to
ISG's enterprise clients. The research currently covers providers
offering their services globally, across Europe, as well as in the
U.S., Canada, Brazil, the U.K., France, Benelux, Germany,
Switzerland, the Nordics, Australia and Singapore/Malaysia, with
additional markets to be added in the future. For more information
about ISG Provider Lens research, please visit this webpage.
About ISG ISG (Information Services Group) (Nasdaq: III)
is a leading global technology research and advisory firm. A
trusted business partner to more than 900 clients, including more
than 75 of the world’s top 100 enterprises, ISG is committed to
helping corporations, public sector organizations, and service and
technology providers achieve operational excellence and faster
growth. The firm specializes in digital transformation services,
including AI and automation, cloud and data analytics; sourcing
advisory; managed governance and risk services; network carrier
services; strategy and operations design; change management; market
intelligence and technology research and analysis. Founded in 2006,
and based in Stamford, Conn., ISG employs more than 1,600
digital-ready professionals operating in more than 20 countries—a
global team known for its innovative thinking, market influence,
deep industry and technology expertise, and world-class research
and analytical capabilities based on the industry’s most
comprehensive marketplace data. For more information, visit
www.isg-one.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240418832672/en/
Press Contacts:
Will Thoretz, ISG +1 203 517 3119 will.thoretz@isg-one.com
Julianna Sheridan, Matter Communications for ISG +1 978-518-4520
isg@matternow.com
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