2019 has created the path for several interesting developments in procurement. Within just the first three months, 2020 has proved its potential for drawing in more significant advancements. So, here in this article let us break down the procurement news to look out for in 2020 and what shall you expect from the industry this year.

Increase in advanced spend management technology

2020 has been showing signs of bringing prolific and significant advances in technology for both direct and indirect spend management. The room for growth is astonishingly less than 5% and this remarkably is contradicted with the fact that over 50% of the global CPO community believes that analytics is necessary. Analytics empowers procurement teams with automation and e-procurement software is the miracle weapon that takes out all the challenges of traditional procurement negotiations. The software uses automation for increasing the efficiency of the pricing and negotiations over terms.

Gearing up for the procurement challenges of 2020

Firms that can plan ahead perform better, especially during rough periods which are highly challenging. The year 2020 is full of promises in terms of procurement advantages, but it also comes with some serious challenges. The best way to overcome these challenges is by working with one of the biggest names in the procurement industry. Select a worthy partner who has ample knowledge of the business inside and out. Neglecting to take advantage of knowledgeable firms leads up to losing out on money. With a strong and well-established ally in the industry, your business will easily be able to get through the challenges of 2020 and reach to the lead of the table.

Rapid advancements in Market and Businesses

The rapid speed of advancements has not shown any signs of slowing down by 2020 and businesses are restabilizing themselves and their products with an immense rush. Two major shifts which can be expected in procurement news this year is an increased emphasis on speed and decentralization. With more brands trying to reinvent themselves and their products repeatedly over the course of the business cycles, procurement teams need to catch up with the speed. Decentralized decision making, will also affect procurement in 2020. in order to adapt to eh constant market changes, the procurement processes will have to be more flexible.

Increased demand for customer-oriented technology

The present trends in the corporate environment which are expected to continue, 2020 will give rise to the demand for customer-oriented technology in procurement. Business users expect to have the same level of customer-oriented focus as consumers and it makes it very much essential to use procurement software which features technology that can satisfy the demand to be more customer-oriented. Procurement software which enables customer oriented decision making is going to boost up the success of the customer-centric market.

Brace for cost-cutting and improve efficiency

The major focus of 2020 will lie on decreasing costs while increasing efficiency. the intensity of the global market has been ruthless to businesses who are spending more than what is required to while handling their purchasing manually. The best solution for this is for more businesses to use procurement software instead. By using procurement software, firms automatically land better deals from suppliers and can get rid of costly mistakes that are faced regularly by manually managed procurement techniques. This is possible because procurement software automatically selects the best deals from suppliers, consolidates them, and makes sure that the contracts never lapse.