From the Stone Age to the present day , discover the evolution of spend management through the years from its most basic activities through to advanced digitalisation
TIMELINE
THE EVOLUTION OF
SPEND MANAGEMENT
From the Stone Age to the present day , discover the evolution of spend management through the years from its most basic activities through to advanced digitalisation
3,000 to 1,300BC
The Stone Age and Bronze Age
200BC to 1500AD
The Iron Age and Middle Age
1800 - 1900s
19th century and early 20th century
The most crude forms of procurement dates back to these time periods . To construct the pyramids , Egyptians used scribes to record the amount of materials needed and traded with local civilisations to exchange the goods and services required . During this time , longdistance trade was limited to luxury goods .
With the invention of ships , long-distance trade became increasingly popular . Currency was adopted for easy payment and records were kept to keep track of both payments and debts .
With the boom of the industrial revolution , supplier networks grew and purchasing became its own department . Despite this growth , companies struggled to effectively manage and analyse their spend to gain valuable insights . The industry lacked the systems required to address indirect spend , transparency , compliance , and manage spend ahead of time .
16 July 2022