Enterprises today must remain agile in a global marketplace fraught with uncertainties. ePurchasing software today are designed to help companies better serve their customers. To win and retain customers, companies are embracing solutions that can improve organizational functions. As a procurement solution provider, we meet firms that are eager to deploy a solution to improve global performance but do not know where to focus or how to begin. Designed to help CIOs find the best suite, Forrester’s 2016 to 2017 report highlights the new vendor landscape.
Findings by Forrester:
- With companies expanding budget for process optimization apps, expect the ePurchasing market to grow by 14% in 2016 and 13% in 2017.
- To appeal to companies with varying requirements and internal stakeholders with different functions, expect vendors to offers suites in different flavors from core CPO product suites, vendor or sourcing management suites to purchase-to-pay suites.
- Just because vendors are increasingly offering suites doesn’t mean that clients should buy the full suites.
Finding the right ePurchasing suite can be a challenge. Finding a suite that appeals to internal stakeholders with different functions in the organization can be a nightmare. Forrester’s vendor landscape report offers sound advice on what consumers look for when buying from companies. With this, companies can adjust their processes to improve all stages of the buying process and better utilize ePurchasing suites.
The report offers a landscape of vendors in suite categories to help CIOs identify differentiators and choose a suite that best fit their needs. The list highlights four ePurchasing suites: broad ePurchasing suites that cover all the bases, CPO core product suites that combine eProcurement, eSourcing and CLM, P2P product suites that cover transactional processes of procurement and invoicing, and SVM suites that cover sourcing to contract.