The future of procurement technology is here today, and with it comes plenty of opportunities for founders. And to do this, well-fitting technology may be our No. “We procurement practitioners are up for the task of being a critical function of our companies’ short- and long-term success in the marketplace. “This is our moment,” Bain Capital’s Head of Procurement, Meghan Truchan, told me. This emerging system will challenge the legacy platform solutions that have dominated the space for decades. Procurement technology is moving towards a hub-and-spoke model in which businesses will be able to pick and choose from a “menu” of strong “point” solutions for specific steps of the process, with an orchestrator or modern intake-to-pay software at the center. Thankfully, solutions to this problem are evolving quickly. When businesses make large purchases, they face a gauntlet of complexities around demand forecasting, vendor discovery, price, negotiations, supply chain visibility, vendor diligence and onboarding, compliance, delivery method and timing, payment terms, payment methods, and much more. It is much simpler for a consumer to buy one cut of cotton fabric for their sewing hobby than it is for a clothing maker to procure 1,000 pounds of cotton fabric for their shop. The process of executing a B2B transaction, or procurement, is a whale of a problem.
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