Spend Matters constantly updates its understanding of the state of the procurement tech market via RFIs for its SolutionMap dataset, vendor interviews, global event attendance and product demos with the aim of keeping tech-selection decision makers ahead of market trends. This summer and through to the end of the year, Spend Matters conducted a series of interviews with procurement practitioners to gain a better understanding of their wants and needs. The interviews revealed that practitioners are increasingly looking for solutions that are more intuitive, user-friendly, and tailored to their specific needs. They are also looking for solutions that can provide greater visibility and control over their supply chain, as well as improved collaboration with suppliers. The interviews also highlighted the need for more comprehensive supplier management capabilities, such as supplier discovery, supplier information management, supplier performance management, supplier quality management, supplier relationship management, supplier risk and compliance management, and supplier sustainability management.
Opinion:
The procurement tech market is constantly evolving, and practitioners are looking for solutions that can meet their specific needs. While the interviews highlighted the need for more comprehensive supplier management capabilities, it is important to remember that these solutions must also be cost-effective and easy to use. Additionally, practitioners should be aware of the potential risks associated with adopting new technologies, such as data security and privacy concerns. Ultimately, practitioners should carefully evaluate their options and consider all potential benefits and drawbacks before making a decision.
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