Evolution of Procurement Practices

The procurement landscape has significantly evolved over the past decade, primarily due to a shift towards more decentralized purchasing decisions. Previously, decisions regarding purchases were limited to specific departments, like IT, but now various functions within organizations are increasingly involved in the buying process. This shift has made procurement more cross-functional, requiring diverse teams such as finance, IT, and legal to assess the risks associated with spending. Consequently, there is a greater need for software solutions that can manage these distributed procurement processes effectively.