LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global vendor management software market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global vendor management software market will post a CAGR of close to 13% during the forecast period. One of the major reasons for this is the increasing need to minimize administrative costs, increase negotiating power with suppliers and customers, and ensure compliance. Economic growth and new emerging markets, cloud computing, a growing service sector, and increasing demand from SMEs are some of the major factors driving the market.
Amrita Choudhury, an industry expert from Technavio, specializing in research on enterprise application sector, says, “In a complex service environment, tracking of multiple supplier's performances is one of the major challenges for businesses. These challenges have led to the implementation of vendor management software in several industry verticals such as BFSI, retail, manufacturing, energy, healthcare, chemicals, telecommunications, and others.”
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The top three emerging trends driving the global vendor management software market according to Technavio research analysts are:
- Rise in demand for integrated vendor management solutions
- Supply chain analytics inbuilt in vendor management software
- Introduction of vendor management mobile apps
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Rise in demand for integrated vendor management solutions
End-users prefer vendors that provide integrated and converged software suites as opting for different software may lead to integration issues. Integrated products and software suites from the same vendor have better integration ability and support other functions. As increased complexity of network infrastructure has made integration an important buying criterion, solutions with better integration are finding higher adoption.
“Some of the vendors in the vendor management software market already provide software that can be integrated with other software. Furthermore, there is likely to be a steep rise in the number of players focusing on offering SaaS-based vendor management software that is compatible with other applications, including marketing technologies,” according to Amrita.
Supply chain analytics inbuilt in vendor management software
Supply chain analytics inbuilt in vendor management software enhances collaboration between partners. The sharing of information and collaboration ensures that manufacturers can make use of supply chain partner information to fulfill demand more quickly within order cycle times.
Supply chain business analytics helps build a stronger network of vendors, provides a 360° view of how vendors are performing, where the weak links are, and where the areas of opportunity for vendor management lie. Supply chain business analytics inbuilt in vendor management software helps companies to better monitor vendor lead times, schedules, and fill rates.
Introduction of vendor management mobile apps
The transformation of businesses from paper-based to mobile technology provides enterprises more accurate information and also saves hundreds of hours. The increased use of mobile technology in enterprises helps them to eliminate redundant data entry on delivery receipts, performs physical inventory checks, and retail evaluations. The increasing adoption of mobile devices for business purposes is a major trend in the market. Enterprises are increasingly focusing on using the mobile vendor management app to improve vendor relationships, enhance supply chain and customer service, increase productivity, and lower costs.
The key vendors are as follows:
- IBM Emptoris
- Intelex Technologies
- SAP Ariba
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