Technology in Procurement and Supply as Prevalent Today and Scope for Future

The role IT plays in procurement in an organization would depend upon the objectives of procurement, the field of organization and the core business. The last two fields mentioned would influence the volume and requirement of the organization. “The main goal of procurement is reduction in buying prices, however other priority include are Optimization of total costs of procurement, Internal process optimization, Securing supplies, Visibility in cost transparency, Meeting quality guidelines, Minimizing warehouse costs, Reduction of the number of suppliers (Having Strategic Suppliers), Product development with suppliers, Outsourcing of operative procurement processes, if possible Outsourcing of strategic procurement processes”.