The procurement process has enabled enterprises to use procurement integrity management solutions such as generating purchase indents and seeking approval from managers. In addition, creating purchase orders and reflecting financial transactions under appropriate accounting heads are some of the processes which are now easily tracked through procurement integrity management solutions. These solutions are used in monitoring of procurement data and systems. Moreover, procurement integrity management solutions help in identifying and tracking procurement fraud, monitoring staff and supplier activities, spot-early warning signs, and investigate processes in detail with advanced tools.
Transportation and logistics industry is an essential part of an organization which deals in the movement of goods and freight. Procurement integrity management solutions help in distinguishing between high-risk and low-risk procurement activities. Moreover, the solutions are powered by unique detection algorithms which automatically detect the lowest cost and minimum distance for transporting the goods. Procurement integrity management solutions involve many processes. Procurement is the process of finding and agreeing to terms, and acquiring goods, services, or works from an external source, often via a tendering or competitive bidding process. Procurement integrity management solutions solve the problem of doing things manually. With the help of procurement software, enterprises can track the movement of goods and services and ensure that the buyer gets the best possible products. Procurement integrity management solutions consider all aspects such as quality, quantity, time, and location, and reduces plant schedule, improves risk management, and enables remote access of data. In addition, it manages subcontracts, lowers the total project and installation costs and eliminates material shortages and surpluses. Procurement integrity management solutions provide visibility in the process, thus improving spending and budgets. Today, cloud based technology such as Software as a Service (SaaS) and Platform as a Service (PaaS) is commonly used by procurement integrity management solution providers. Moreover, cloud based procurement integrity management solutions are expected to benefit supply chain and logistics department.
The major market driver for the procurement integrity management solutions market is increasing demand for automatic purchase processes, natural calamities, and the cost involved in the procurement process. Moreover, procurement frauds, increasing number of intermediaries, and restrict rules & regulations imposed by government are also increasing the need for procurement integrity management solutions.
Development of advanced technologies such as Blockchain, machine learning, and artificial intelligence is anticipated to boost the procurement integrity management solutions market. Additional capabilities of procurement integrity management solutions such as providing goods or services as per precise quality, quantity, source, time, and price are expected to lead to prominent opportunities. However, factors such as high implementation cost, rising financial challenges, and lack of knowledge about procurement integrity management solutions are likely to restrain the procurement integrity management solutions market over the forecast period.
The procurement integrity management solutions market can be segmented in terms of deployment, type, enterprise size, industry, and geography. On the basis of deployment, the procurement integrity management solutions market can be bifurcated into on-premise and cloud based. In terms of type, the procurement integrity management solutions market can be segmented into e-sourcing-procurement, contract management, and supplier management. Based on enterprise size, the market can be classified into small & medium enterprises and large enterprises. In terms of industry, the market can be segregated into retail, automotive, travel & logistics, IT & telecommunication, mining, and others. Based on geography, the procurement integrity management solutions market can be divided into North America, South America, Europe, Asia Pacific, and Middle East & Africa.
Some of the key players operating in the procurement integrity management solutions market are SAP SE, SAS Institute Inc, NECS, Inc. Oracle, IBM Corporation, Epicor Software Corporation, JDA Software Group, Inc., SciQuest Inc., Zycus Inc., Market Dojo Ltd, Mercateo AG, and Applegate Marketplace Ltd.
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