Leaders in the business-scape are pursuing robust digital strategies to leverage fast emerging technological innovations such as artificial intelligence (AI), cloud-based solutions, and predictive analytics. This shift is primarily to transform their antiquated business models, modernize their strategies, and digitalize the workflows to drive innovation. In such a business scenario, procurement has proven to be the art of obtaining products and services in any firm. This sector has steadily become a strategic contributor to enterprise growth and performance. The teams who actively handle procurement can speed up capital projects, gain higher savings, and contribute toward successful outcomes for the complete value chain.
Against this backdrop, top procurement companies are helping their clients to become more efficient in procurement management by offering higher levels of visibility, automation, and as a result, increased profitability as well. With better automation solution, the users can automate purchase-to-pay processes while providing e-invoicing and document management. When the solution involves a supply chain, the automation can take control of those aspects as well, helping clients in streamlining their overall workflow. While automation can help in setting the score straight for organizations, procurement companies also provides intelligence and supplier compliance solution that facilitates critical market information and analysis, enabling companies to make a smarter decision pertaining to sourcing. As a result of these solutions, firms are witnessing a visible reduction in risks and higher profit.
That being said, the involvement of AI in the procurement solutions has helped solve even the hardest contract management problems. The AI-driven platforms prove helpful in accelerating a client’s business by increasing the velocity of contracts and protecting against risks by affirming regulatory and policy compliance. Also, the platforms can optimize the users’ commercial relationships by increasing their revenue and save expenses effectively. Serving effectively for verticals ranging from healthcare and pharmaceutical to finance and manufacturing, AI can help clients in creating a seamless contract management process as well. With top procurement companies considering automation and AI as the key to their advancement, it is vital to make the solutions available to clients, raising the demand for the involvement of the cloud.
Cloud-based procurement solution providers have to focus on empowering their clients to simplify, optimize, and energize their supply chains. In addition to procurement, these offerings can simplify functions such as invoicing and funding to meet customer needs. The cloud-based platforms also allow the solution providers to deliver value-as-a-service that can help their clients maximize their cost saving while driving increased net profit. With unified cloud-based management platforms, top procurement companies are providing transparency into their client’s expenditure, while helping them in controlling it effectively. However, with so many solutions and providers in the business-scape, how does a business decision maker choose the right vendor that is apt for their firm and business model?
To alleviate this situation, APAC CIO Outlook’s distinguished panel comprising of CEOs, CIOs, VCs, industry analysts along with its editorial board have reviewed the top procurement companies and shortlisted the ones spearheading the charge toward fulfilling the urgent demands of the industry. The listing offers a look at how these solutions are put to use, thereby enabling organizations to gain comprehensive knowledge and expertise.
We present to you APAC CIO Outlook’s “Top 10 Procurement Solution Providers – 2019.”