How much of this sounds familiar? 

• Spending several hours searching through contract repositories for upcoming vendor renewal dates
• Manually inputting supplier details into your vendor management system
• Checking your email for edit notifications on a vendor contract you’ve been waiting to execute. (Who the edits are coming from, you’re not entirely sure–a lot of folks have access to the document)

Vendor Management Is Moving Toward New Technology

Older technology and manual processes have a tendency to slow procurement professionals down and leave them unable to focus on more strategic objectives within their organizations. Luckily, sourcing, procurement, and vendor management (SPVM) leaders are opening their eyes to the drawbacks of legacy SaaS solutions and taking action to invest in solutions that enable higher efficiency and improve overall procurement.

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SPVM Leaders Recognize the Impact of Digital Transformation

The current supply chain landscape asks of a lot of procurement and IT professionals who manage vendors. SPVM leaders are responsible for cost reduction, risk management, driving ESG and DEI initiatives, and more. Plus, they’re expected to manage all this with enough speed and efficiency to drive organizational growth.

With this in mind, CPOs, CIOs, and other SPVM leaders are recognizing that current legacy SaaS solutions that still require heavy manual input are no longer sufficient to meet goals. Instead, they’re seeing the positive impact that implementing newer, more automated SaaS solutions can have across their teams. According to PwC, a majority of procurement departments are setting ambitious digitization goals, with an average target of being 72% digitized by 2025.

Additionally, more millennials and Gen Z professionals–who have been raised on digital tools– are entering the procurement space and pushing toward the implementation of newer, more efficient technologies.

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SaaS Solutions Are More Accessible

In the past, if procurement and sourcing teams were interested in implementing new software, the request would go to IT first. That software's sourcing, testing, and onboarding were left almost entirely to IT teams.

Now, SaaS buying is a more decentralized process, able to be spearheaded by any team across the organization–with the strategic alignment of IT and procurement. Business teams can explore and test solutions in partnership with SPVM teams and collectively decide on a SaaS product that best fits the organization’s needs, allowing for a quicker, more seamless selection and adoption of technology.

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New Technology Is Emerging

Since the introduction of digital procurement solutions a few decades ago, technology has improved tenfold (or maybe more). Today’s best SaaS solutions use artificial intelligence and machine learning to reduce the need for manual intervention and improve vendor management, accelerate contract execution, and ensure stronger compliance. 

Newer technology also allows SPVM leaders to address specific concerns within their processes. For example, AI can be used within contract management to accurately search for specific terms and clauses unique to the business and then use that data to develop improved contracts in the future.

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Introducing AI into Your Procurement Process

Empower your sourcing, procurement, and vendor management teams to become more strategic partners by leveraging Evisort’s contract lifecycle management platform. 

Using best-in-class AI and OCR, you can increase control of expenditures and audits, strengthen negotiations by leveraging newly-visible data, and drive contract life cycles that drive business agility and strategic advantage.

Interested in seeing how our platform can make a difference for your team? Schedule a live demo with us!

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