Sourcing Software Market Growing at a CAGR of 8.19% During 2017 to 2021

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17 Feb, 2017, 07:00 IST

PUNE, India, February 17, 2017 /PRNewswire/ --

The global sourcing software market analyst says mobile technology is one of the most important trends in the market. Mobile solutions are widely being implemented in organizations to manage end-to-end sourcing process. Firms are implementing a mobile first strategy to manage sourcing process and to bring mobility in their transactional process.

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Mobile applications built for sourcing in organizations enhance decision-making process for procurement professionals in organizations. The added functionality in mobile applications helps procurement professionals to communicate effectively with suppliers on a real-time basis. Mobile applications also store data related to invoices in the mobile devices, such as smartphones and tablets, which can be transferred to the concerned business units during the sourcing process.

According to the sourcing software market report, cost reduction is one of the important reasons behind the adoption of sourcing software in organizations. Procurement managers are facing challenges in the effective management of sourcing process due to increasing complexities and manual errors in the supply chain systems. Sourcing software helps organizations by efficiently engaging suppliers in competitive bidding events, driving down sourcing costs, and diversifying the supply chain. It also reduces the sourcing lead time by saving weeks in the cycle to complete the procurement of goods and services. The sourcing software automates the sourcing processes by strategically sourcing goods and services and using faster online bidding with their chosen suppliers.

The following companies as the key players in the global sourcing software market: Capgemini, Coupa Software, IBM, SAP, and sciQuest. Other prominent vendors in the market are: ClearTrack Information Network, Determine, eBid Systems, ESM Solutions, GEP, Market Dojo, Winddle, Xeeva, and Zycus. Order a copy of Global Sourcing Software Market 2017-2021 research report at http://www.reportsnreports.com/purchase.aspx?name=857391.

The global sourcing software market is highly fragmented and competitive due to the presence of a large number of multinational vendors across the globe. One of the major factors responsible for the growing competition in the market is the increasing demand for sourcing software in industries such as the IT, manufacturing, and retail.

Global Sourcing Software Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the global sourcing software market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of sourcing software globally.

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