Changing economies, global competition, and new supply chain challenges have brought to the limelight the need for procurement leaders to develop robust strategies that will yield sustainable competitive advantages. Procurement has evolved from businesses focusing on buying goods from suppliers with the lowest price quotations to harnessing the power of data analytics, AI, cloud computing, and other technology to make better decisions.
For instance, with the aid of automation technologies, organizations are able to identify business needs, mitigate risks, eliminate repetitive processes, facilitate suppliers management, track spending, and predict market demand in real-time to improve their overall bottom line. Businesses can streamline their operations with purchase order automation and improve customer experience with the sales order. On the other hand, robotic process automation (RPA) reduces labor costs and minimizes human errors. Similarly, advanced data analytics equips procurement teams with much more detailed real-time information to make smarter and more accurate decisions on spending, manage suppliers seamlessly, and develop more robust procurement strategies.
Furthermore, there has been a steady shift in strategy around low-cost country sourcing to best-cost country sourcing. Businesses have come to the conclusion that source choice should be based not only on a static view of the total cost of ownership (TCO) but also on alternative growth markets, future costs, and approaches to implementing greener and leaner supply chains. Alongside, spend analytics has moved beyond aggregating and analyzing transactional data to gathering strategic intelligence. To that end, it has become critical to integrate supplier performance and risk information into spend analysis to present a truly holistic view of an organization's spend behavior.
Highlighting these new developments in the procurement landscape, APAC CIO Outlook has compiled a list of leading procurement solution providers in the APAC region that are at the top of their game. The enlisted organizations are changing things for the better at the convergence of several disruptive technologies. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for aspiring CIOs.
We present to you APAC CIO Outlook’s “Top 10 Procurement Solution Providers – 2021.”