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AI & Marketplaces Will Dominate the Future of Procurement

The future of procurement will change dramatically in the next 5 years with the rise of Amazon paving the way for supply chains to leverage marketplaces to improve efficiencies. Business process improvements in procurement have been limited to online supplier portals that link vendors to customers or EDI integrations, particularly in the metals industry.

According to Gartner, the procurement and sourcing technology market is evolving rapidly. IT application leaders modernizing procurement technology need to plan for the impact of virtual assistants, cloud-based business intelligence tools and B2B marketplaces.

With hundreds of thousands of metals suppliers globally looking to improve inventory turnover, streamline business processes, and provide customers with a better buying experience will look towards cloud-based B2B marketplaces to solve their biggest challenges.