Top 7 Procurement Technology Trends in 2023

Digital procurement is the use of technology to streamline and automate the procurement process, from sourcing and purchasing to invoicing and payment. As we look towards 2023, there are several key trends that are poised to shape the future of digital procurement.

Sustainability and responsible sourcing will continue to be a critical aspect of digital procurement. Companies are increasingly recognizing the importance of reducing their environmental impact and ensuring that their suppliers are also doing their part to protect the planet. In the coming year, we can expect to see more procurement systems that are specifically designed to identify and select suppliers who are committed to sustainable practices.

Artificial intelligence (AI) and machine learning (ML) will also play a big role in procurement in 2023. These technologies can help companies make more informed purchasing decisions by analysing data on market trends, supplier performance, and consumer behaviour. Additionally, they can be used to automate routine tasks, such as identifying and flagging potential risks, and optimizing sourcing strategies.

Cloud and mobile procurement will also continue to gain traction. These technologies allow procurement teams to access procurement systems from anywhere and at any time, which can help to increase efficiency and speed up the procurement process. Moreover, mobile procurement will help to streamline the ordering process for end users.

Big data analytics is another key trend that is set to shape the future of digital procurement. Companies will be able to leverage vast amounts of data to gain insights into suppliers, products, and market trends, which can help them to identify new opportunities and make better purchasing decisions.

Blockchain technology is increasingly being used in procurement to increase transparency, reduce costs, and improve supply chain efficiency. This technology allows multiple parties to share information and make transactions without the need for intermediaries. By using blockchain, companies can track the entire lifecycle of a product, from sourcing to delivery, in real-time, allowing all parties to see the same information at the same time.

Cybersecurity will be another crucial aspect to consider in digital procurement. As the process becomes more digitized, the risk of cyber-attacks increases. Companies will need to take steps to ensure that their procurement systems are secure, and that sensitive information is protected from unauthorized access.

Finally, Supplier Management is one of the most important aspects of digital procurement. Companies need to be able to effectively manage their relationships with suppliers, to ensure that they are getting the best possible prices and service. With the increasing use of technology, supplier management will become more efficient, allowing companies to better manage their supplier base and stay competitive in the market.

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Overall, these are some of the key trends that are set to shape the future of digital procurement in 2023. Companies that can stay ahead of these trends and adopt the latest technologies will be well-positioned to succeed in the years ahead.