AI, Automation Boost Interest in Procurement Platforms
Information Services Group (Nasdaq: III) released the 2022 ISG Provider Lens™ report highlighting advancements in procurement software. These innovations enable enterprises to enhance procurement efficiency and sustainability. The report emphasizes that automation and AI are critical for transforming procurement processes, especially for midmarket firms facing resource constraints. It evaluates 29 providers, naming Corcentric, GEP, Ivalua, JAGGAER, SAP Ariba, and Tradeshift as Leaders in the respective quadrants.
- Significant advancements in procurement software driven by automation and AI.
- Provides midmarket firms with tools they need to adapt quickly to economic pressures.
- The report identifies strong leaders in procurement software solutions, bolstering ISG's credibility.
- Growing challenges faced by leading procurement providers may affect client service capabilities.
ISG Provider Lens™ report finds new advances can help enterprises transform procurement to adapt to widespread disruptions
The 2022 ISG Provider Lens™ Procurement Software Platforms and Solutions Global Report finds that for enterprises around the world, implementing advanced software platforms remains a popular first step toward making procurement more efficient and sustainable. Since last year’s report, automation and AI capabilities have expanded significantly, bringing more advanced machine learning, automation of entire processes and AI that further reduces the need for human labor.
“Pandemic disruptions continue to drive large and midmarket enterprises to re-think and re-invent sourcing and procurement,” said
Software modernization may be an attractive path for enterprises that choose not to outsource, the report says. By implementing a comprehensive software platform, firms can achieve the scope of improvement available through business process outsourcing (BPO) while retaining responsibility and control over critical business operations. In addition, leading platform vendors offer a modular approach that lets clients make a series of tactical improvements that deliver immediate value while building toward long-term procurement transformation.
For midmarket firms, which face especially urgent challenges, new software platforms often play a larger role in the overall reinvention of procurement, ISG says.
“Many midmarket companies face the same disruptions as larger firms, but with fewer resources,” said
The report also includes insights on other aspects of the evolving procurement landscape, including growing challenges faced by leading providers that could affect their ability to serve clients.
The 2022 ISG Provider Lens™ Procurement Software Platforms and Solutions Global Report evaluates the capabilities of 29 providers across two quadrants: Software Platforms and Solutions for Large Accounts, and Software Platforms and Solutions for the Midmarket.
The report names Corcentric, GEP,
In addition,
A customized version of the report is available from Corcentric and GEP.
The 2022 ISG Provider Lens™ Procurement Software Platforms and Solutions Global Report is available to subscribers or for one-time purchase on this webpage.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG's global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG's enterprise clients. The research currently covers providers offering their services globally, across
A companion research series, the ISG Provider Lens Archetype reports, offer a first-of-its-kind evaluation of providers from the perspective of specific buyer types.
About ISG
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