CIOs Consider Procurement software a Prime technology

By SiliconIndia | Wednesday, February 22, 2012

CIOs consider Procurement software as vital for them, as IT organizations have to deliver on multiple priorities without any extra money available for IT, a new report indicates.

An organization depends on the acquisition of hardware and software to support the technology solutions. The procurement of these products involves significant investments that must be cost-effective and integrated into the overall solution. Selecting the best equipment and software for your enterprise is the major concern and it may take lots of time and energy to deliver that. Also, one should explore all the options in order to provide your enterprise with the best technology, at a price that fits your IT budget and also maximizes your ROI after implementation.

Procurement software is business software that helps to automate the purchasing function of an organization. Activities include raising and approving purchase orders, selecting and ordering the product or service, receiving and matching the invoice and order, and bill payment is done electronically. These services enable the procurement department to keep a track of everything that is ordered, ensure that nothing can be ordered without correct approvals, and let them get the best value by combining several orders for the same type of good or even getting suppliers to bid for the business.

As such, supply chain analytics is considered to be the number one technology priority by the CIOS for the year 2012.

According to Gartner, CIO IT budgets are also expected to be flat, increasing just 0.5 per cent this year, with declining budgets in North America and Europe.

Technology is increasingly becoming an important factor for the enterprises to uplift their business and economy.

Analytics and business intelligence was the top-ranked technology for 2012 as CIOs are combining analytics with other technologies to create new capabilities.