ProcurePort has Achieved All-Star Classification
ProcurePort is proud to announce we have been classified as an “All-Star solution” by the Capgemini Digital Procurement Research 2018 report. This means we can offer both a wide range of services along with an extensive range of options within each of those services.
The report states that “ProcurePort performs well in the Purchase-to-Pay and sourcing areas with good reporting and analytics capabilities,” and mentions our wide and deep P2P functionality.
A Time of Rapid Growth for Digital Procurement Solutions
As the benefits of e-procurement become increasingly apparent, rapid growth in the sector is inevitable.
According to a report by leading research and consultancy firm Market Research Future, the global procurement software market will reach $9 billion by 2023. Market Research Future state that the efficiency, transparency and simplified forecasting offered by procurement software “is anticipated to catapult the market on an upward trajectory.”
The report predicts that the market is expected to increase at a compound annual growth rate (CAGR) of 10%. Compare that with a CAGR rate of 2.9% in real estate (the largest industry in the US) and that gives you a sense of scale on just how quickly the sector is advancing.
As with most growth markets, it is important to separate the thought leaders and innovators from those jumping on the bandwagon looking to make a quick buck. A truly optimized supply chain is one of the key factors to your companies’ structure, function and success, and as such having an effective e-procurement process is essential to your operations. As a result, the choice of which procurement solution is an important one.
How do you make your decision on a provider for your e-procurement solution?
Ideally you would do extensive research of all the available options and then make an informed decision based on your findings. This process would be both time-consuming and expensive, and in some cases logistically impossible due to variety of constraints, like manpower, resources and finances to name but a few.
Fortunately, Capgemini – one of the world’s largest IT consulting, outsourcing and professional services companies – has done much of the legwork for you in publishing their Digital Procurement Research 2018 report. The 80-page document looks at the specifics on functionalities offered by various solution providers and shares insights, lessons learned and client cases. The report is seen as an independent buyer’s guide for those companies beginning the progression to a digital procurement process.
The Results of the Report
A good understanding of what is involved and required at the start of this transformation is the key to strong foundations as your company moves forward with their new procurement structure. At the top level, the report looks at the width and depth of each suppliers offering and then places them in one of the following four categories based on their results:
Compliants: solutions that have both limited width and depth. These services are useful for organizations looking for basic functionality.
Specialists: solutions that can be distinguished by a limited width, but extensive depth. These are often considered niche because they have a limited scope.
Generalists: solutions with a broad width but limited depth. These solutions offer many of the Source-to-Pay elements, but with basic functionality.
All-Stars: services that offer both a wide and deep solution. These solutions cover many of the Source-to-Pay elements with particularly extensive functionality.
Procureport provides a best in class e-procurement platform, as well as being industry trailblazers in providing implementation support and strategic guidance.
The transition from traditional procurement methods to e-procurement solutions has been an obvious one given the benefits. Transactions can be initiated, advertised, tendered and completed online. Real-time recording of the decision-making process is available for monitoring and audit, while bureaucracy and formalities are kept to an absolute minimum. ProcurePort will continue to provide services that concern the needs of the consumer, developing solutions that are tailored to a friendly and helpful user experience.
If your business is looking for comprehensive e-procurement services that can really help you initiate improvements to your procurement processes, our expert team are waiting to help. Please feel free to contact us to identify how we can work together.