Bonfire Releases 2021 State of Public Sourcing Report, Revealing a Resurgence in Procurement Activity
August 23 2021 - 8:00AM
Business Wire
Annual industry
report finds 39% increase in public sector projects in 2021 and
highlights new priorities including vendor diversity and
work-from-anywhere
Bonfire Interactive Ltd.
(“Bonfire”), a business unit of GTY Technology Holdings Inc. and a
leader in eProcurement, strategic sourcing, and contract management
solutions, today announced the release of its annual State of
Public Sourcing Report, a benchmarking study which provides
insights and analysis of procurement in the public sector. Bonfire
is a subsidiary of GTY Technology Holdings Inc. (Nasdaq: GTYH)
(“GTY”), a leading provider of cloud solutions for the public
sector.
The report is based on anonymized data from the Bonfire
platform, consisting of tens of thousands of projects from more
than 400 North American public sector organizations, to better
understand the current state of public procurement. This year’s
report, titled “Back to Business: Fast and Focused,” provides
insights into how public procurement teams have ramped up
operations in 2021. It also highlights the public sector’s new
priorities, strategies, and goals after putting many projects on
hold to focus on emergency procurements in 2020.
“This year’s report indicates that public sector project volume
has practically returned to what it was pre-pandemic, which aligns
with anecdotes we’ve heard from our customers,” said Bonfire CEO
Omar Salaymeh. “Priorities such as vendor diversity,
work-from-anywhere options, and finding new ways to make public
dollars go further are becoming a major focus for most public
procurement teams, which we anticipate will in turn provide
opportunities for a bigger community of vendors. It’s clear that
2020 was a turning point for public procurement and that while
project volume has returned, priorities have shifted, and the
industry will not simply go back to the way it was before the
pandemic.”
The report was officially released today during the NIGP Forum,
the Institute for Public Procurement’s annual conference dedicated
to connecting procurement communities. Attendees of the conference
are invited to join Bonfire’s virtual panel session at 2:15 PM ET
on Monday August 23, where procurement leaders from Barnstable
County and Metropolitan Transportation Commission share their
on-the-ground insights on the report’s findings.
Key findings from the report include:
- Projects and RFPs are back on track: Project and RFP
counts dropped from 2019 to 2020, as the pandemic forced many
agencies to put their plans on hold. The easing of some public
health restrictions combined with federal stimulus funding has
enabled both to make a resurgence in 2021, bringing purchasing
activity to the verge of pre-pandemic volumes.
- K-12 projects race ahead: K-12 schools have shown
significant growth since before the pandemic, increasing their
investment in sanitizing products, eLearning technology, and
security software to ensure students can continue to learn safely,
whether virtually or in-person.
- eProcurement adoption continues to rise: Despite lower
project volumes in 2020, there were more people logged into the
Bonfire platform than ever before. Not only did platform users log
in more, but agencies expanded the use of eProcurement to a broader
set of buyer groups within the agency.
- Agencies are diversifying and widening their vendor
pool: In an effort to reach more diverse, local, and small
businesses, agencies have doubled the average number of
registration fields they use to track vendor diversity. On top of
that, vendor invitations have increased by 202% since 2019.
- Work-from-anywhere likely isn’t going anywhere: 75% of
procurement professionals reported that their organization made
changes to support digital transformation in 2021. Between 2019 and
2021, the average number of locations where the Bonfire platform is
accessed increased by 41% and continues to grow. These metrics
indicate that remote work will likely continue to be a part of
public agencies’ infrastructure moving forward.
The full 2021 State of Public Sourcing Report is available to
download for free by visiting the Bonfire website.
About Bonfire Interactive Inc. Bonfire Interactive Inc.
(“Bonfire”) is a business unit of GTY Technology Holdings Inc. and
a leader in strategic sourcing and procurement software. Bonfire
empowers organizations to find the right vendors and make the right
purchasing decisions with ease and confidence. With tools to
support the entire vendor lifecycle (sourcing, contract management,
and vendor performance), Bonfire goes beyond traditional mechanics
of standard procurement suites to make complex decision-making
easy. The combination of flexible technology and world-class
customer service makes Bonfire the solution of choice for both
public and private sector organizations. Bonfire is an
award-winning solution recognized by industry-leading outlets
including Gartner, GovTech, Spend Matters, Best in SaaS, and the
International Business Awards.
About GTY Technology Holdings Inc. GTY Technology
Holdings Inc. (NASDAQ: GTYH) (“GTY”)) brings leading government
technology companies together to achieve a new standard in citizen
engagement and resource management. Through its six business units,
GTY offers an intuitive cloud-based suite of solutions for state
and local governments spanning functions in procurement, payments,
grant management, budgeting, and permitting: Bonfire provides
strategic sourcing and procurement software to enable confident and
compliant spend; CityBase provides government payment solutions to
connect constituents with utilities and government agencies; eCivis
offers a grant management system to maximize grant revenues and
track performance; Open Counter provides government payment
software to guide applicants through complex permitting and
licensing procedures; Questica offers budget preparation and
management software to deliver on financial and non-financial
strategic objectives; Sherpa provides public sector budgeting
software and consulting services.
Forward-Looking Statements This release includes
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the Private Securities Litigation Reform Act
of 1995. The company’s actual results may differ from its
expectations, estimates and projections and, consequently, you
should not rely on these forward-looking statements as predictions
of future events. Words such as “expect,” “estimate,” “project,”
“budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,”
“will,” “could,” “should,” “believes,” “predicts,” “potential,”
“continue” and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements
include, without limitation, the company’s expectations with
respect to future performance. These forward-looking statements
involve significant risks and uncertainties that could cause the
actual results to differ materially from the expected results. Most
of these factors are outside of the company’s control and are
difficult to predict. Factors that may cause such differences
include, but are not limited to: (1) the impact of the COVID-19
pandemic, or other public health crises, on our operations, our
customers and the economy; (2) the risk that the ongoing
integration of the businesses acquired in our business combination
disrupts current plans and operations; (3) the ability to recognize
the anticipated benefits of the business combination, which may be
affected by, among other things, competition, the ability of the
combined company to grow and manage growth profitably and retain
its key employees; (4) our failure to generate sufficient cash flow
from our business to make payments on our debt; (5) changes in
applicable laws or regulations; (6) the possibility that the
company may be adversely affected by other economic, business or
competitive factors; and (7) other risks and uncertainties included
in our Annual Report on Form 10-K for the year ended December 31,
2020 and our subsequent filings with the Securities and Exchange
Commission. We caution you that the foregoing list of factors is
not exclusive, and readers should not place undue reliance upon any
forward-looking statements, which speak only as of the date made.
We do not undertake or accept any obligation or undertaking to
release publicly any updates or revisions to any forward-looking
statements to reflect any change in our expectations or any change
in events, conditions or circumstances on which any such statement
is based.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210823005172/en/
Alloy Communications for GTY Technology Kate Nesbitt
alloy@ecivis.com 240-630-2653
GTY Technology (NASDAQ:GTYH)
Historical Stock Chart
From Mar 2024 to Apr 2024
GTY Technology (NASDAQ:GTYH)
Historical Stock Chart
From Apr 2023 to Apr 2024