What is Procurement Technology?

Primarily designed to simplify complex procurement processes and reduce costs, procurement technology has become a must-have tool for businesses today. Advanced procurement technology offers a unified procurement platform that allows all stakeholders to gain real-time visibility and identify savings opportunities.

This type of technology also provides a wide range of capabilities for collaborating more effectively and evaluating supplier performance. Over time, the increasing use of technology has helped procurement evolve from a tactical function to a larger strategic function that can generate more value for the business.

Related Terms

What is P2P?What is Procure To Pay?What is Procurement Data Management?What is Procurement KPI?What is Procurement Transformation?