What is Procurement Technology?

Procurement technology enables the entire procurement and acquisition lifecycle, from planning to award through supplier and contract management. It also enables the overall management and oversight of the procurement and acquisition process, from ensuring public policy goals such as transparency and fairness to enabling sound management practices.

Introducing the PSF Procurement Technology Market Intelligence Report

Governments spend nearly $10 trillion to buy goods and services. Increasingly, they are looking to technology as the way to transform every process, from visualizing spending and researching markets to engaging suppliers. By taking these steps, public sector organizations can save 5% to 35% on their spending. These savings are typically driven by a combination of systems, processes, and organizational improvements that facilitate better decision-making and execution. To help governments understand and deploy procurement technology in an accelerated manner, Public Spend Forum has created the Procurement Technology Market Intelligence Report to help answer the following questions:

1) What is procurement technology and why is it important?

2) What types of procurement technology exist and how can they help buyers?

3) How is the supplier landscape segmented?

4) Which procurement technology vendors are likely to meet my needs?