1950s to 1960s
The Great Depression and WWII
With purchasing as a standalone function , a new phase in finance was brought about : AP and procurement . Events such as the Great Depression and WWII showed that prices , quality of materials and supplier performance affected transactions , which led to the requirement of legal and administrative work for all purchases .
1970s to 1990s
Emerging technology and the dawn of the World Wide Web
It is during this time that the importance of spend management grew . Many realised the value it provided when it came to shorter product life cycles , cutting costs and improving communication . The dawn of the World Wide Web by the 90s further accelerated the globalisation of supply chains and the impact technology can have on ensuring effective procurement processes .
2000s - present
Spend management in the 21st century
The technology boom ! Along with the introduction of advanced solutions , this tech boom increased production capacities and provided creative customisation . The last two years have shown the need for resilience , agility , transparency and effective spend management to maintain business continuity and a competitive edge . The likes of cloud , AI and automation have increased the function ’ s ability to spend time on value-adding tasks instead of time-consuming manual processes .
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