Digital and cloud-based tools are surging in popularity among procurement executives as they seek to more effectively analyze corporate spending on goods and services, business consulting firm Deloitte says in a new study.
Deloitte, in conjunction with research firm Odgers Berndtson, surveyed 234 senior procurement executives from 33 countries earlier this year on the tools they’re investing in to manage their corporate procurement operations.
Following are the major areas of investment in procurement technology, followed by the percentage citing that area in 2015/2014:
To improve value and efficiency in the procurement process:
Self-service procurement portals, 70%/43%;
The use of cloud-based computing in spend management, 45%/26%;
The use of mobile devices for placing orders, 42%/23%;
The use of social media to help find sources get recommended suppliers, 16%/6%.
Following are the percentage of procurement executives citing these as the most likely areas for major investment this year:
Spend analysis, 38%;
Contract management, 37%;
Supplier relationship management, 29%;
Requisition to pay, 24%;
Product catalogs, 20%;
Supplier risk management, 17%;
Procurement performance management, 13%;
Supplier information management, 11%;
Electronic data interfaces, 11%;
Electronic payment, 10%;
Innovation management, 6%;
Invoice routing and approval, 6%;
Direct procurement management, 4%.
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