eSourcing is opening the door to a world of possibilities for buyers, public sector organisations, enterprises, and suppliers to take control of the procurement process. As eSourcing evolves alongside technology, new trends are emerging to indicate the future of eSourcing software.
A complete understanding of eSourcing requires understanding what this solution’s future looks like and how you can keep up-to-date with the latest developments for a robust eSourcing solution. But what does the future of eSourcing look like?
This article will break down current expectations and trends for eSourcing to help you ride the wave of eSourcing solutions and transform your procurement strategy.
Trends in eSourcing
eSourcing is a rapidly evolving landscape with new trends emerging constantly. Given the rapid onset of new technologies, some businesses might struggle to predict the future of eSourcing.
Consider the following trends relevant to the eSourcing environment and likely to expand in the future of eSourcing solutions.
Ethical sourcing is increasingly vital to the modern customer, with 44 percent of consumers worldwide preferring to buy from sustainable brands in 2021. To keep up with this rapid trend, ethical eSourcing focuses on ethical solutions and sourcing practices for a fair sourcing process that isn’t damaged by harmful practices and biases.
Ethical sourcing is a sustainable and moral sourcing and supply chain method. With ethical eSourcing, buyers ensure that the products they procure are ethically and sustainably sourced and that the people who created the products do so in a safe and fair environment.
As more consumers commit to shopping ethically and avoid brands that don’t share this essential value, eSourcing will adapt to fit the modern customer profile and safeguard customer satisfaction.
Artificial Intelligence (AI)
AI is seeping into every industry and practice, and eSourcing is no different in this sense. Artificial intelligence in procurement processes allows buyers to efficiently identify and address complex issues by relying on smart computer algorithms. AI is effective in numerous eSourcing applications.
As AI solutions continuously evolve, organisations that use eSourcing solutions can expect to see some of the following types of AI in the procurement process:
- Machine learning (ML)
- Natural language processing (NLP)
- Robotic Process Automation (RPA)
AI can play a vital role in the future of procurement. An effective AI system will allow organisations to improve their decision-making capabilities, automate menial organisational tasks, improve supplier relationships, and identify viable business opportunities to foster growth.
The Future of Automation
eSourcing solutions increasingly rely on automation capabilities to streamline specific, time-consuming tasks and free up space to focus on growth strategies. The future of eSourcing will likely focus on automating more repetitive tasks that other processes, such as AI systems, can handle.
Additionally, procurement teams are turning to autonomous negotiating systems to optimise the eSourcing process. These negotiating systems allow a machine to determine the factors negotiable in buyer and supplier contracts and automatically conduct negotiations through email or chat.
Access to Previously Inaccessible Data and Processes
As eSourcing and procurement solutions step into the future, new digital procurement capabilities are becoming available. Organisations will be able to access previously unavailable data and organise previously unstructured data sets in the future of eSourcing.
Additionally, organisations can use this new access to hidden data to deliver accurate and effective analytics and high-quality digital solutions to streamline the sourcing and procurement process. By driving complex analysis, future eSourcing solutions can guarantee efficient organisational operations.
How Can eSourcing Transform My Procurement Strategy?
eSourcing is a helpful solution that can massively influence your company’s procurement cycle in various ways. eSourcing is valued by many because it helps organisations access untapped markets and unique benefits to scale operations and achieve lasting success.
However, you need to understand the eSourcing process before you can consider it as a solution. By learning the ways that eSourcing solutions will transform your company’s current purchase & procurement process, you can optimise your operations and expand your reach.
Consider some of the following ways that an eSourcing solution such as Delta eSourcing will majorly transform your company’s future procurement process for the better.
eSourcing Reduces Your Procurement Costs
A massive benefit of eSourcing is that it allows organisations to reduce their sourcing costs. An eSourcing platform eliminates the need for manual paper processes and provides access to numerous suppliers with different costs. Additionally, eSourcing reduces the procurement timeline to help companies avoid any costs associated with missed deadlines.
eSourcing Fosters Improved Buyer-Supplier Relationships
A sustainable relationship between buyers and suppliers is crucial to guarantee that your organisation can thrive and sustain itself long-term. eSourcing makes communicating with suppliers more accessible than ever and ensures all parties are on the same page before moving forward with a contract.
eSourcing platforms like Delta eSourcing enable buyers to connect with thousands of suppliers in the supplier community database. These platforms help you find suppliers you trust and believe in.
eSourcing Positions You for Success by Uncovering New Markets
Your access to diverse and untapped markets is limited in a traditional procurement cycle. However, the future of eSourcing includes many promises to help organisations connect with untapped markets worldwide. Expanding your supplier base allows you to find new products and solutions that suit your target audience and build strong relationships with multiple suppliers. Simply put, eSourcing gives you access to markets that traditional procurement processes can’t offer.
Ride the Wave of eSourcing With Delta eSourcing
eSourcing is continuously dominating the global market across various industries, and staying up-to-date on all of the latest eSourcing trends can help prepare you for the future of your organisation’s success. However, whether you can access the numerous benefits of eSourcing depends on the online platform you use.
Platforms like Delta eSourcing ensure your eSourcing solutions are current, effective, and safe. By prioritising compliance and providing a simple platform to navigate the tendering process, Delta eSourcing gives organisations everything they need to succeed with suppliers now and in the future.
Request a free demo from the team at Delta eSourcing today to build your organisation and master the procurement cycle.