E-PROCUREMENT SOFTWARE
THE EVOLUTION AND FUTURE OF E-PROCUREMENT SOFTWARE
In business terms , E-Procurement is still a relatively new function , with the internet ’ s boom in the 1990s reshaping supply chains and B2B relationships
WRITTEN BY : NEIL PERRY & AARON MCMILLAN
Online marketplaces like Ariba ( founded in 1996 ) and Commerce One ( founded in 1994 ) pioneered the process of purchasing goods and services using the internet and other digital technologies . These companies transformed traditional procurement methods – which often relied on paperbased processes , manual approval systems , and physical transactions – expanding into business-to-business ( B2B ) e-commerce platforms .
Digitising various stages of the procurement process , including requisitioning , sourcing , ordering , invoicing , and payment , e-procurement systems streamline purchasing activities , reduce paperwork , and facilitate transparency and efficiency in procurement processes .
But another transformation is well underway , with the continued rise of automation and AI , supply chains are continuing to see rapid evolution , but what does it mean for the future of e-procurement ?
The rapid evolution of software Mark Reddy , Global Director , Finance , Spend & Governance , at OneAdvanced has seen this development first hand , with over 15 years of experience in strategic growth .
He says : “ There has been a continuous evolution of e-procurement software over the past couple of decades , with processes being automated and AI and machine learning driving accelerated change recently .
“ While some organisations have embraced the latest digital methods
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