What Are The Latest Trends In Procurement Software?

What Are The Latest Trends In Procurement Software?

What Are The Latest Trends In Procurement Software?

By The oboloo Team

What Is a Procurement Platform?

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What Are The Latest Trends In Procurement Software’s?

The business world can be incredibly fickle, so ensuring that every aspect of your business is working as it should is important as it helps insulate it from any external factors that may affect it. 

One of the most important parts of their business that people should look out for is procurement, as it is especially susceptible to being affected by outside events. A recent example is how businesses in the United Kingdom had to prepare themselves for Brexit. According to a survey conducted by the Chartered Institute of Procurement & Supply, one in 10 businesses in the United Kingdom admitted that an inability to receive supplies from the European Union  would result in them shutting down. 

The Guardian also reported on supermarkets worrying about the earlier October 31 Brexit deadline as most warehouses are full around that time of the year, preventing businesses from stockpiling resources to ameliorate the effects of Brexit.

Huge events like Brexit may be beyond the control of a lot of small businesses, but smaller bumps in the procurement and supply chain can be prepared for with solutions like procurement software. Tools like this one help businesses effectively manage supplies, keep track of contract renewals, and a host of other things.

Of course, businesses should not just get any procurement platform they find online. Before making a decision, it would do businesses good if they are also aware of supply chain software trends and trends in procurement systems. Before purchasing anything, check out this list of trends in procurement software that are going to take center stage this year.

Upcoming Procurement Software Trends

Investing in procurement software is in itself a big decision, so it is good to have the following trends in mind before you choose one so that you end up with a software that works for you and your needs.

  1. More cloud-based software and reliance on online platforms

Businesses are turning more and more to the digital realm. In the 2020s, expect that procurement software for small businesses and big businesses to be online or cloud-based.

The reason for this is that it can legitimately improve a company’s procurement strategy. Handling procurement digitally can result in lower costs, a better relationship with business suppliers, as well as risk reduction and the confidence that businesses are achieving compliance.

  1. More aspects of procurement to become digital

More and more businesses are taking their formerly analog processes and digitizing them. One such process is contract management, so much so that it is now expected to be part of procurement software features.

When picking a procurement platform, make sure that the one you choose is flexible enough to adapt to changes and to take on formerly analogue tasks that are now becoming digital. It is also a good idea to make sure that your pick has all the characteristics of a modern contract management platform: visibility, efficiency, and process control.

Visibility is important because it ensures that no one in the company is out of the loop. Everyone is aware of what other people are working on, making it easier to plan and avoid redundant processes

Hand in hand with visibility is efficiency. Aside from keeping everyone in the loop, the contract management platform you choose should also make you work more efficiently. Finally, the software you choose should give you a firm handle on the process, streamlining it and making it easier for you. After all, this process is being digitized precisely for the reason.

  1. Blockchain becoming more important

Launched in 2009, blockchain has been taking up more and more space in the world of business, with the power associated with it disrupting supply chain workflows. A lot of its characteristics are incredibly useful for the procurement processBlockchain is flexible, secure, and accurate when it comes to data recording, transfer, and management. The coming years will see blockchain become a bigger and bigger part of procurement software, whether ito be used in inventory or financial audits, contract management, or a process like procure-to-pay.

How obloo can help

There are many types of procurement software out in the market today, and they can be a big aid to businesses who want digital help when it comes to suppliers, contracts, and sourcing. This is even more true when you pick the right one for your business, taking into account the trends that are going to take center stage this year.

oboloo is one of the procurement software‘s out in the market that looks ready to take on all of these trends. It is an easy-to-use cloud-based platform that streamlines and improves a company’s procurement process. Its contract management features ensure visibility and transparency, letting users, clients, and suppliers view contracts from one easily accessible space.

oboloo users can be confident that the software will keep them on top of everything that happens on the supply chain and be supplier smart.