Introduction

Did you know that the hospitality industry used paper-based procurement technology or electronic data transmission before e-procurement platforms came into existence? Imagine doing such tedious work to assist your purchasing function! The only reason these outdated technologies worked was that there were no other options, making procurement managers hate them. They were inefficient and time-consuming. However, with the new age, procurement technologies have been introduced by businesses across the world to increase efficiency, profits, and make the whole process automated. This technology aids productivity, transaction transparency, cost, and accountability in the supply chain. 

Procurement Technology Trends

Find out everything you need to know about the latest trends in procurement tech so that your business can benefit from it!

Cloud Computing 

Firstly, what is cloud computing? Cloud computing means the on-demand availability of a computer system’s resources, especially computing power and data storage without the user directly managing it. Cloud computing has become a need for businesses across the world due to the valuable insights supplied by data. Procurement platforms have been decentralised using this technology, making them easier to integrate and more scalable. Cloud Computing technologies let procurement to engage efficiently with customer service, accounting, and the manufacture of tools. 

Blockchain

Firstly, what is blockchain technology? Blockchain technology is a distributed database that a computer network’s nodes share among themselves. As a database, blockchain technology stores information electronically in a digital format. Now that you know what is blockchain, you should know that the role of blockchain technology in procurement is important. In 2021, individuals across the world started understanding the benefits of blockchain technology in the procurement industry. The procurement industry achieved new levels of security and speed with this technology. In the coming years, it’s predicted that blockchain will go from being a luxury item to the necessary technology. 

Cyber Security 

Firstly, what is cyber security? Computer security, information technology, or cyber security means the protection of computer networks and systems from theft, hardware or software damage, leaked information, and destruction of electronic data. Cyber security in India is a necessary step to digitize the country. Procurement managers must use give Cyber Security the priority it deserves to successfully make their procurement process safe. Procurement systems must be protected from any infiltration, tampering, destruction, or correuption as procurement managers start depending more on technology. 

Automation

Firstly, you need to understand what is automation. Automation includes a broad spectrum of technologies that reduce any human effort in the process. Human intervention gets reduced if there are subprocess relationships, pre-determined decision criteria, and other such actions. Digital technology like automation saves costs, tedious paperwork, and monotonous human labour in the procurement industry. Automation frees human resources for work that is more beneficial to the business than these tasks. 

Mobile-Friend Technology 

Mobile-Friendly Technology is increasing in popularity as phones are one of the most accessible devices for practically everyone. A lot of businesses are putting their recourses into mobile procurement technology to make the process easier. 

Conclusion 

Now that you know everything you need to know about the various technology trends in the procurement process, you can use them for yourself to make your hotel efficient. Try incorporating them as soon as possible to reduce costs and save time!