This post originally appeared on Public Spend Forum.
On Spend Matters, we track a broad range of procurement technology trends including a range of enablers (e.g., blazing fast in-memory databases, service oriented architecture (SOA) models and software-as-a-service (SaaS) deliver models) to the actual functional tools themselves. These include e-sourcing suites to enable organizations to execute on strategic sourcing initiatives, spend analysis tools to identify savings and aggregation opportunities (and measure results), and contract management solutions to insure that contracts are inked and then managed based on the right terms and conditions (which are then tracked in as automated a manner as possible through systems integration to ERP, eProcurement and other transactional tools that serve as systems of record).
Based on looking at these (and related) technology components and innovations in the actual solution capabilities themselves, we see a number of trends converging in 2014, which we think will make it the most important year for the adoption of procurement and accounts payable technologies in the public sector on a national basis (including federal, state, local and higher education) that we’ve seen in history. But what areas are the most interesting (and important) that public sector procurement professionals should pay closest attention to? We’ll preview five trends below and introduce five more in the coming weeks:
- eProcurement and e-invoicing (P2P) technology competition, pricing and business models heat up. Between Ariba, SciQuest, Perfect, Oracle and many others competing for public sector contracts (as well as new entrants), and the fact that these technologies are now mature and can deliver on their promises of reducing unauthorized buying, directing spend to preferred suppliers, and reinforcing the last requisitioning mile of strategic sourcing programs, eProcurement will be bigger in 2014 than it’s ever been in North America.
To read about the other four trends, click here.