Strategic sourcing application includes an integrated suite of solutions enabling organizations to perform strategic planning and analysis of their spend profiles, improve supplier relationship and track their performance to minimize risks. It enables organizations to proactively take intelligent procurement decisions in alignment with their business needs with reduced total cost of ownership (TCO). Strategic sourcing helps organizations to visualize and optimize their spends across different categories, improve visibility into suppliers' pricing structure, and assist in supplier selection process to improve operational efficiency and reduce costs. Strategic sourcing application optimizes the strategic procurement process, including procurement planning, supplier assessment, supplier relationship and risk management, and supplier performance management.
Driven by the impact of Covid-19 on the global economy, industry, and infrastructure, Quadrant Knowledge Solutions have revised the market forecast estimates for all the technology market. The global economy, along with industries, is facing significant challenges and are expected to post negative growth. Covid-19 has impacted the market for overall digital transformation projects, including supply chain management and procurement technology market. Quadrant analysts believes that technology investments will rise again from the year 2021 onwards, mainly driven by the pent-up demand and economic recovery for the key market.
Procurement leaders continue to invest in offering tightly integrated, end-to-end procurement platform consisting of modules for spend analysis, category management, strategic sourcing, expense management, contract lifecycle management, procure-to-pay, supplier relationship management, and such others. Driven by the growing market opportunity, large procurement vendors are looking at offering integrated procurement solutions, with organic and inorganic growth strategy, to offer tightly integrated holistic solution portfolios.
Driven by the continued advancements around advanced analytics, machine learning and AI, leading vendors are increasingly improving collaboration and communication amongst different procurement modules. Organizations can gain a holistic view of the overall procurement, spend, supplier performance, and risk and compliance positions to drive well-informed, strategic business decisions. Vendors are increasingly focusing on providing out-of-the-box integration with ERP, CRM, supply chain management (SCM), product lifecycle management (PLM), finance, and a range of different enterprise and business systems to streamline data integration and analysis.
The global Strategic Sourcing Application research includes a detailed analysis of the global market regarding short-term and long-term growth opportunities, emerging technology trends, market trends, and future market outlook. The study provides a comprehensive market forecast analysis of the global market in various geographical regions and the overall market adoption. This research provides strategic information for technology vendors to better understand the market supporting their growth strategies and for users to evaluate different vendors' capabilities, competitive differentiation, and market position.
Quadrant Knowledge Solutions conducted an in-depth analysis of major strategic sourcing vendors by evaluating their products, market presence, and customer value proposition. The evaluation is based on the primary research with expert interviews, analysis of use cases, and Quadrant's internal analysis of the overall strategic sourcing market. This study includes analysis of key vendors, including Coupa, Determine, GEP, Icertis, Ivalua, JAGGAER, SAP Ariba, Scout RFP (Workday), Synertrade, VORTAL, Xeeva, and Zycus.
Quadrant Knowledge Solutions is a global advisory and consulting firm focused on helping clients in achieving business transformation goals with Strategic Business and Growth advisory services. At Quadrant Knowledge Solutions, our vision is to become an integral part of our client's business as a strategic knowledge partner. Our research and consulting deliverables are designed to provide comprehensive information and strategic insights for helping clients formulate growth strategies to survive and thrive in ever-changing business environments. For more available research, please visit https://quadrant-solutions.com/market-research/