Press release
Procurement analytics Market is set for lucrative growth during 2021-2031 | Size, Share, Demand and Opportunities Analysis
Procurement analytics Market
Read more about Procurement analytics market here: https://www.globalinsightservices.com/reports/procurement-analytics-market/
Procurement analytics is the practice of using data and analytics to improve procurement decision-making. It involves the collection and analysis of data on past procurement decisions, prices, supplier performance, and other factors to inform future decision-making. The goal of procurement analytics is to improve the efficiency and effectiveness of procurement decisions, leading to improved organizational outcomes.
Key Trends
There are several key trends in procurement analytics technology. One is the move towards cloud-based solutions. This means that instead of running software on-premises, companies are now able to access it via the internet. This has a number of advantages, including lower costs and greater flexibility.
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Key Players
Oracle
Genpact
Microsoft
IBM
Cisco
Zycus
Proactis
Workday
ProcurePro
Market Dojo
Market Segments
By Component
Solution
Services
By End-Use
BFSI
Manufacturing
Telecom and IT
Healthcare and Life Science
Others
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Key Trends
There are several key trends in procurement analytics technology. One is the move towards cloud-based solutions. This means that instead of running software on-premises, companies are now able to access it via the internet. This has a number of advantages, including lower costs and greater flexibility.
Another trend is the increasing use of artificial intelligence (AI) and machine learning. These technologies are being used to help identify patterns and trends in data, and to make predictions about future demand. This is helping procurement teams to become more proactive and efficient in their work.
Key Drivers
There are a few key drivers of the procurement analytics market.
The first driver is the need for organizations to save on costs. With the help of procurement analytics, organizations can identify areas where they can save on costs.
The second driver is the need for organizations to improve their decision-making process. With the help of procurement analytics, organizations can make better decisions about their procurement process.
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