KITCHENER, Ontario--(BUSINESS WIRE)--Bonfire Interactive Ltd. (“Bonfire”), a subsidiary of GTY Technology Holdings Inc. (“GTY”) and a leader in strategic sourcing and eProcurement software, today announced the release of its annual State of Public Sourcing Report. The benchmarking study sheds light on new and emerging trends in public sector procurement in 2022.
Based on an analysis of anonymized data from the Bonfire eProcurement platform, consisting of tens of thousands of projects from more than 400 North American public sector organizations, the report found a 28% jump in public sector solicitation volumes, ahead of where it was before the start of the pandemic in 2020, reflecting an influx of federal funding for new infrastructure projects.
Additional Highlights from the 2022 Report:
- Agencies prioritized vendor diversity more than ever before. Among agencies, 33% of transportation agencies, 20% of higher education institutions, and 11% of K-12 institutions are tracking vendor diversity status and creating more opportunities for small and disadvantaged business enterprises to participate in government projects.
- eProcurement logins and users are on the rise. More procurement teams are adopting digital solutions to centralize all sourcing processes and information.
- eProcurement saved agencies an average of $269K (or 9.5%) per RFP. Agencies that use eProcurement are driving more value for the communities they serve than ever before.
This year’s report, titled “Procurement Saves the Day Again,” highlights the key “superpowers” procurement teams are honing to confront new challenges and leverage opportunities to better serve their constituents.
With project volumes increasing significantly over 2021, the data reveals how public procurement teams are setting new priorities, strategies, and goals in the context of current events, including COVID-19 recovery efforts, a recent influx of federal infrastructure funding, and challenges related to the mass labor market disruption known as the Great Resignation.
“The insights from our new report show project volumes continuing on the upward trend we observed in 2021 and, in fact, surpassing pre-pandemic numbers,” said Bonfire CEO Omar Salaymeh. “We’ve seen firsthand how procurement teams are driving these impressive gains through the power of procurement technology, better collaboration, project cost savings, and a heightened focus on social procurement practices. It’s clear that procurement will continue to prove its value as a strategic partner well into the future, regardless of what comes next.”
Download the full 2022 State of Public Sourcing Report for free on the Bonfire website.
About Bonfire Interactive Inc.
Bonfire Interactive Inc. (“Bonfire”) is a business unit of GTY Technology Holdings Inc. and a leader in strategic sourcing and procurement software. Bonfire empowers organizations to find the right vendors and make the right purchasing decisions with ease and confidence. With tools to support the entire vendor lifecycle (sourcing, contract management, and vendor performance), Bonfire goes beyond traditional mechanics of standard procurement suites to make complex decision-making easy. The combination of flexible technology and world-class customer service makes Bonfire the solution of choice for both public and private sector organizations. Bonfire is an award-winning solution recognized by industry-leading outlets including Gartner, GovTech, Spend Matters, Best in SaaS, and the International Business Awards.
GTY Technology Holdings Inc.
GTY Technology (GTY) brings leading cloud software together to deliver modern solutions for state and local governments, education institutions and healthcare organizations. More than 1,750 agencies across North America leverage GTY solutions to deliver better outcomes for their constituents by improving the way they engage stakeholders and manage their resources. Built for the public sector, the intuitive suite of solutions support the policy, regulation and compliance requirements unique to the public sector. Public Administrative solutions for budgeting (Questica and Sherpa), grants management (eCivis) and procurement (Bonfire) are designed to digitize complex workflows with an intuitive toolset that improves collaboration, transparency and impact. Civic Engagement solutions for payments (CityBase) and permits (OpenCounter) deliver efficiencies while improving citizen access and satisfaction. To learn more about the GTY platform and the positive impact it has on the people and communities it serves visit: www.gtytechnology.com.
About GI Partners
Founded in 2001, GI Partners is a private investment firm with over 130 employees and offices in San Francisco, New York, Chicago, Greenwich, Scottsdale, and Dallas. The firm has assets under management totaling $35 billion and invests on behalf of leading institutional investors around the world through its private equity, real estate, and data infrastructure strategies. The private equity team invests primarily in companies in the healthcare, IT infrastructure, services, and software sectors. The real estate team focuses primarily on technology and life sciences properties as well as other specialized types of real estate. The data infrastructure team invests primarily in hard asset infrastructure businesses underpinning the digital economy. For more information, please visit www.gipartners.com.