Procurement technology, also known as “procuretech”, is a rapidly growing sector of the business world. It is defined as the use of technology to streamline the procurement process, which is the process of acquiring goods and services for an organization. This technology is designed to make the procurement process more efficient, cost-effective, and secure. It also helps organizations reduce their overall costs and improve their supply chain performance. Procurement technology can include software, hardware, and services such as procurement automation, e-procurement, and supplier management. It can also include the use of artificial intelligence, blockchain, and machine learning to optimize the procurement process. By leveraging these technologies, organizations can gain a competitive edge in the marketplace and increase their bottom line.