Strategic Sourcing Applications and Spend Management: Enhancing Visibility and Control

 


Quadrant Knowledge Solutions reports that the Strategic Sourcing Applications Market is expected to grow at a CAGR of 12.20% by 2028.

Global leaders in procurement technology are continuing to invest in creating tightly integrated, unified, and holistic procurement platforms. These platforms offer capabilities such as spend analysis, category management, strategic sourcing, expense management, contract lifecycle management, procure-to-pay, supplier relationship management, and more.

They provide significant benefits, including enhanced visibility into enterprise spending and procurement decisions, better control over overall performance, increased flexibility through integrated solutions, and seamless information flow across different procurement modules. Vendors of strategic sourcing applications are also focusing on improving supplier relationships, diversification, short-term contracting, supplier selection, negotiation, awarding, risk assessment, and spend management.

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Key questions this study aims to address:

·       What is the current state of competition in the Strategic Sourcing Applications market?

·       What market share do major vendors hold in this market?

·       What are the key competitive dynamics in the global and regional markets for Strategic Sourcing Applications?

·       Who are the leading vendors in the global and regional markets?

·       Are there vendors that specialize in specific industries?

·       How do different vendors compare in terms of their cloud-based versus on-premises solutions?

·       What competitive factors influence the market positioning of various vendors?

·       What are the strengths and challenges faced by vendors operating in this market?

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Strategic Market Direction:

Organizations are focusing on digitally transforming their business and leveraging automation for optimizing their planning and decision-making processes. Additionally, the pandemic-induced norms have helped the mobile-native approach to gain significant market traction across the global supply chain, which has enabled employees to access the platform and work remotely.

Quadrant Knowledge Solutions defines a strategic sourcing application as a comprehensive suite of solutions that enables organizations to strategically plan and analyze their spending profiles, strengthen supplier relationships, and track performance to mitigate risks. It empowers organizations to make intelligent procurement decisions aligned with their business needs while reducing the total cost of ownership (TCO).

Vendors covered in this Study:

Corcentric, Coupa, GEP, Ivalua, JAGGAER, Oracle, Periscope Holdings, SAP (Ariba), Unit4 (ScanMarket), SpendHQ, Synertrade, VORTAL, Workday, and Zycus.

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