The Procurement Software Podcast

This week on The Procurement Software Podcast, host James Meads dives into the world of no-code procurement tools and generative AI.

James explores how these technologies enable teams to build custom applications and streamline processes without coding expertise.

Tune in to discover how no-code and AI technologies are transforming procurement, making simple and easy-to-use solutions accessible, especially to smaller and medium-sized organisations.

No Code Procurement: Is Make vs. Buy back on the table?

In this episode, James explores the rise of no-code procurement tools, enabling teams to create custom applications like savings trackers, performance management systems, contract repositories and vendor onboarding platforms without coding.

He highlights how tools like Airtable and Jotform enhance productivity through automation and digitalisation.

James also discusses the impact of generative AI and models like ChatGPT and Gemini, which provide advanced functionalities such as contract summarisation and clause extraction, previously accessible only through expensive software. These technologies allow small teams to efficiently manage procurement tasks.

By leveraging no-code tools and AI, procurement professionals can quickly develop solutions, track progress, and centralise resources, driving innovation and strategic goals. Tune in to discover how these technologies are transforming procurement, making advanced capabilities accessible to all organisations.

The question for you is this: could you now build your own apps now to get proof of concept, before asking Finance for a bigger procurement tech budget?

[00:01:00] - No Code Procurement

[00:01:31] - The Evolution of Procurement Technology

[00:02:04] - The Rise of No Code Movement

[00:03:08] - Example: Procurement Software Database

[00:05:07] - Impact of Generative AI on Procurement

[00:06:32] - Seven Use Cases for No Code Tools in Procurement

[00:06:43] - Use Case 1: Savings and Performance Management

[00:07:58] - Use Case 2: Project Collaboration Tool

[00:09:02] - Use Case 3: Vendor Onboarding

[00:10:27] - Use Case 4: Simple Intake Requirements

[00:12:00] - Use Case 5: Contracts Repository

[00:13:35] - Use Case 6: Contract Collaboration Tool

[00:14:49] - Use Case 7: Procurement Learning and Resource Hub

[00:15:55] - Benefits of No Code Tools in Procurement

[00:16:39] - Call to Action and Conclusion

And that wraps up another episode of The Procurement Software Podcast!

Thanks again for listening, and do please leave us a review on Apple Podcasts or rate us on Spotify. Every one helps!

We'll be back at the same time next week, so see you there.

If you want to learn more about Procurement Software, check out the useful links below.

 

Download our Tech Map for Enterprise

Download our Tech Map for Mid-Market

Download our Tech Map for SMEs

Find your perfect procurement tech solution in our Software Finder app

Sign up for the Procurement Software Newsletter

Book an Intro Call and let’s talk all things Digital Procurement!

Connect with James on LinkedIn

This week on The Procurement Software Podcast, host James Meads brings on guest Oliver Jones from Procure4, a UK-based procurement consultancy known for their focus on the mid-market and being solution agnostic.

Oliver shares insights and tips for effective procurement tech implementation, offering a unique perspective on the process.

Tune in to gain valuable knowledge on driving successful technology adoption in procurement.

How to get ROI on digital procurement transformation

In this episode, Oliver underscores the importance of communication and managing expectations during procurement technology implementation. He emphasises clear initial communication about the necessity for automation to improve supply performance, transparency, and visibility, aiding smoother stakeholder onboarding.

Oliver advocates for a phased, wave-based approach, promoting agility and continuous improvement through feedback. He highlights the need for diverse training formats like quick reference guides, drop-in sessions, and interactive workshops to boost user adoption.

Proper data management, including data cleansing and taxonomy creation, ensures accurate reporting and informed decision-making. The hypercare phase involves live usage, immediate assistance, and ongoing support, fostering continuous learning and proficiency. Establishing governance structures and appointing super users enhances this process.

Overall, the episode highlights key strategies for effective procurement technology implementation, driving long-term value and stakeholder buy-in.

[00:01:54] Procure4's Approach and Market Perspective

[00:05:26] Defining ROI in procurement tech.

[00:08:33] Building stakeholder relationships for success.

[00:11:58] Lazy approach to technology implementation.

[00:14:20] Commercial illiteracy in procurement.

[00:19:50] Potential banana skins during implementation.

[00:23:44] Data's role in process improvement.

[00:26:13] Ensuring good post-implementation practices.

[00:27:37] Utilising hypercare for software launch.

[00:32:09] Favourite guilty pleasure.

And that wraps up another episode of The Procurement Software Podcast!

Thanks to Oliver for sharing his insights with us today, and thank you again for listening. We'll be back at the same time next week, so see you there.

If you want to learn more about Oliver, Procure4, or Procurement Software, check out the useful links below.

Connect with Oliver Jones on LinkedIn

Check out Procure4

Download our Tech Map for Enterprise

Download our Tech Map for Mid-Market

Download our Tech Map for SMEs

Find your perfect procurement tech solution in our Software Finder app

Sign up for the Procurement Software Newsletter

Book an Intro Call and let’s talk all things Digital Procurement!

Connect with James on LinkedIn

On this episode of The Procurement Software Podcast, host James Meads dives into the world of procurement tech startups. With over 440 solutions in our software directory over at app.procurementsoftware.site, we aim to educate procurement leaders on the vast array of software options available to them.

There's so much more out there than just the tired, legacy technology that seems to sponsor all of the conferences.

Highlighting 25 innovative European-based procurement startups, the episode provides valuable insights into emerging players who don't necessarily have the marketing presence and events budget of larger companies.

Tune in to discover how these startups are shaping the future of digital procurement.

The 25 Hottest European Procurement Tech Startups

In this episode, we spotlight 25 of the hottest European procurement tech startups.

We explore:

Apadua offers AI-powered sourcing solutions for professional services.

SpendKey simplifies spend analytics and contract data extraction with advanced machine learning capabilities.

Weproc is a SaaS eProcurement platform for SMEs, focused on user experience.

Mithra AI provides cognitive spend intelligence for mid-market businesses.

SpareTech delivers spare parts and MRO procurement management.

Thinking Machine automates telecoms procurement using machine learning.

TrueLedger manages real-time contract evaluation and management for professional services.

PivotApp is a cloud-based platform for procurement intake and spend management targeting growing tech companies and mid-market businesses.

DigiProc automates supplier negotiations for tactical and tail spend.

Alpas AI offers AI-driven supplier discovery and sourcing.

Canopy provides comprehensive vendor master data management.

Carbmee helps reduce carbon footprint through emissions analytics.

Daato consolidates ESG compliance and sustainability reporting.

MySupply offers AI-driven tactical sourcing and negotiation.

Lhotse automates procurement with MS Teams integration.

Vertice optimises SaaS procurement and cloud costs.

ivoflow provides AI-powered analytics for procurement in manufacturing businesses.

Supplios manages supplier relationships for direct spend.

Ctrl+s delivers sustainability and carbon tracking solutions for supply chain emissions.

Deployed simplifies drafting and managing statements of work.

Flowlity offers operations planning and inventory management.

forestreet delivers AI-powered market intelligence and vendor discovery.

ProcurementFlow provides no-code software for stakeholder collaboration.

akirolabs enables enterprise-wide category strategy collaboration with AI-driven insights.

Contingent assesses supplier risk and builds supply chain resilience.

And that wraps up another episode of The Procurement Software Podcast!

Thanks again for listening, and do please leave us a review on Apple Podcasts or rate us on Spotify. Every one helps!

We'll be back at the same time next week, so see you there.

If you want to learn more about Procurement Software, check out the useful links below.

 

Download our Tech Map for Enterprise

Download our Tech Map for Mid-Market

Download our Tech Map for SMEs

Find your perfect procurement tech solution in our Software Finder app

Sign up for the Procurement Software Newsletter

Book an Intro Call and let’s talk all things Digital Procurement!

Connect with James on LinkedIn

On this episode of The Procurement Software Podcast, host James Meads dives into the world of procurement tech startups. With over 440 solutions in our software directory over at app.procurementsoftware.site, we aim to educate procurement leaders on the vast array of software options available to them.

There's so much more out there than just clunky, legacy technology.

Highlighting 25 innovative US-based procurement startups, the episode provides valuable insights into emerging players who don't necessarily have the marketing presence and events budget of larger companies.

Tune in to discover how these startups are shaping the future of digital procurement.

The 25 Hottest American Procurement Tech Startups

In this episode, we spotlight 25 of the hottest American procurement tech startups.

We explore

Focal Point offers intake, project management and procurement performance;

Lavenir AI offers ongoing, virtual negotiation training practice;

Raindrop is a complete spend management suite built on modern technology;

FRDM focuses on supply chain risk management;

LUPR leverages Salesforce data for SRM.

Part Analytics looks at direct materials and purchased parts for manufacturing businesses;

Ravacan enhances planning and inventory for manufacturing firms;

Requis specialises in capital equipment procurement and asset disposal;

Levelpath is an early stage startup simplifying procurement intake;

Altana uses AI for global trade solutions;

Graphite Systems looks at intake;

LightSource innovates in offering a user-friendly sourcing platform;

Opstream AI improves procurement intake and supplier discovery;

Varisource focuses on IT sourcing;

Planergy is a P2P solution for mid-sized businesses

Scalewith targets ESG and sustainability;

SaaSrooms manages SaaS spend;

Zapro offers comprehensive, affordable P2P for SMEs;

Zumen offers Source-to-Pay solutions for direct materials

e2Log looks at logistics procurement.

Control Hub offers comprehensive P2P and inventory management to mid-market

Lightyear focuses on telecoms spend

Leverage provides supply chain visibility

OpenEnvoy niches down on accounts payable

WorkSuite, last but not least, is a freelancer workforce management platform.

And that wraps up another episode of The Procurement Software Podcast!

Thanks again for listening, and do please leave us a review on Apple Podcasts or rate us on Spotify. Every one helps!

We'll be back at the same time next week, so see you there.

If you want to learn more about Procurement Software, check out the useful links below.

 

Download our Tech Map for Enterprise

Download our Tech Map for Mid-Market

Download our Tech Map for SMEs

Find your perfect procurement tech solution in our Software Finder app

Sign up for the Procurement Software Newsletter

Book an Intro Call and let’s talk all things Digital Procurement!

Connect with James on LinkedIn

This week on The Procurement Software Podcast, host James Meads explores the challenges faced by organisations in adopting and utilising new software technologies.

James discusses an interesting article from The Guardian titled "Your Office Software Is Not the Problem, You Are," highlighting tensions around software usability and adaptability within large organisations.

Tune in as we explore these conflicting perspectives and provide insights on how both software providers and organisations can foster better software adoption and usability.

Is your procurement software the problem, or is it your organisation?

In this episode, we discuss the critical role of user experience and ease of implementation in the success of procurement software solutions. Poor user experience, marked by clunky interfaces and difficult navigation, can hinder adoption and lead to implementation failures. Software companies must prioritise creating intuitive platforms.

Additionally, the episode emphasises the importance of seamless implementation processes. Complex and lengthy setups deter user engagement. Effective software should be user-friendly from the start and require minimal training.

We also highlight the necessity of robust communication, training, and onboarding strategies. Engaging users through various formats, explaining the benefits, and providing bite-sized training materials can significantly enhance adoption rates.

Leaders play a crucial role by securing resources and advocating for budget allocation to support these initiatives. Prioritising these aspects can lead to a successful digital transformation within organisations.

[00:01:52] Office software usability debate.

[00:06:10] User-friendly software platforms.

[00:12:15] Effective software training methods.

[00:14:10] Digital transformation and procurement software.

[00:17:28] Software implementation challenges.

And that wraps up another episode of The Procurement Software Podcast!

Thanks again for listening, and do please leave us a review on Apple Podcasts or rate us on Spotify. Every one helps!

We'll be back at the same time next week, so see you there.

If you want to learn more about Procurement Software, check out the useful links below.

Download our Tech Map for Enterprise

Download our Tech Map for Mid-Market

Download our Tech Map for SMEs

Find your perfect procurement tech solution in our Software Finder app

Sign up for the Procurement Software Newsletter

Book an Intro Call and let’s talk all things Digital Procurement!

Connect with James on LinkedIn

This week on The Procurement Software Podcast, host James Meads chats to guest Andrew Daley, a partner at EdburyDaley, a specialist recruitment firm in the UK.

Andrew sheds light on some of the differences between recruiting individuals for procurement tech companies, and how it differs from hiring for traditional procurement roles.

Tune in to gain insights into how technology is shaping the procurement profession and discover the tools to stay ahead in the game.

Are digital skills in procurement really valued by CPOs?

In this episode, Andrew Daley highlights the importance of digital skills for procurement professionals. He explains these skills are essential for leveraging technologies like AI, RPA, and cloud-based solutions. Digital literacy and technological proficiency in sourcing, risk management, and contract management are crucial.

Andrew stresses continuous learning and adaptation to stay competitive. He also discusses creating compelling job descriptions to attract quality candidates by highlighting unique aspects, career growth opportunities, and company values.

Additionally, Andrew underscores educating and motivating individuals about digital transformation's benefits. Overcoming past negative experiences with outdated systems is crucial. Continuous education and showcasing successful case studies encourage adopting new technologies, leading to efficiency, cost savings, and improved decision-making in procurement.

Overall, the episode emphasises digital skills' critical role and the need for continuous learning in procurement.

[00:05:05] Digital skills in procurement.

[00:07:23] Digital procurement skills definition.

[00:10:59] The potential of digital transformation.

[00:14:14] Skills for digital transformation.

[00:17:18] Digital procurement up-skilling opportunities.

[00:21:48] Impact of AI on jobs.

[00:25:51] Recruitment challenges and strategies.

[00:28:59] Crafting compelling job adverts.

[00:31:09] Hindering perceptions of digital transformation.

[00:33:55] Catalyst for improvement.

[00:38:34] Can procurement professionals transition?

[00:39:43] Is there really a war on talent.

And that wraps up another episode of The Procurement Software Podcast!

Thanks to Andrew for sharing his insights with us today, and thank you again for listening. We'll be back at the same time next week, so see you there.

If you want to learn more about Andrew, EdburyDaley, or Procurement Software, check out the useful links below.

Stay in touch!

Connect with Andrew Daley on LinkedIn

Check out EdburyDaley

Download our Tech Map for Enterprise

Download our Tech Map for Mid-Market

Download our Tech Map for SMEs

Find your perfect procurement tech solution in our Software Finder app

Sign up for the Procurement Software Newsletter

Book an Intro Call and let’s talk all things Digital Procurement!

Connect with James on LinkedIn

This week on The Procurement Software Podcast, host James Meads explores different price points for procurement technology applications.

James discusses software options costing less than $20,000 to $25,000 per year, those ranging from $25,000 to $75,000 annually, and higher-end solutions.

Tune in to discover what each price point can offer your procurement team and how to make the most of your tech budget.

In this episode, the focus is on the broad spectrum of procurement technology solutions available across various price ranges, catering to different organizational needs and budgets.

For those with a budget under $20,000 per year, niche-specific software designed for SMEs offers basic yet modern e-sourcing and spend analytics capabilities.

Mid-market organizations with a budget between $25,000 to $75,000 per year can access more comprehensive e-sourcing solutions, AI-powered spend analytics, and full-featured procure-to-pay software, along with supplier relationship management platforms.

For budgets exceeding $100,000 per year, top-tier procurement technologies become available, including full e-sourcing suites, advanced spend analytics, complete source-to-contract suites, and AI-powered automation for tactical and tail spend.

The episode emphasises the importance of aligning procurement technology investments with organisational budgets and the need to enhance procurement processes and drive digital transformation within the procurement function.

[00:02:24] Procurement tech on a budget.

[00:05:05] Accounts payable workflow automation.

[00:06:19] Procurement Tech for $25,000 to $75,000 per Year

[00:09:00] Premier League of procurement technology.

[00:12:08] Digital procurement introduction.

And that wraps up another episode of The Procurement Software Podcast!

Thanks again for listening, and do please leave us a review on Apple Podcasts or rate us on Spotify. Every one helps!

We'll be back at the same time next week, so see you there.

If you want to learn more about Procurement Software, check out the useful links below.

 

Stay in touch!

Download our Tech Map for Enterprise

Download our Tech Map for Mid-Market

Download our Tech Map for SMEs

Find your perfect procurement tech solution in our Software Finder app

Sign up for the Procurement Software Newsletter

Book an Intro Call and let’s talk all things Digital Procurement!

Connect with James on LinkedIn

This week on The Procurement Software Podcast, we delve into the topic of selecting technology in a greenfield procurement role.

Host James explores what technology he would invest in if given the opportunity to lead a digital transformation in procurement.

Join us for a deep dive into the world of procurement technology and decision-making.

In this podcast episode, the importance of incorporating spend analytics software into procurement is highlighted as a means to gain insights and enhance value within the function.

Advances in AI and machine learning have made these tools more efficient, allowing procurement teams to focus on strategic activities.

The episode also discusses the benefits of using procure-to-pay and source-to-pay platforms to streamline processes, reduce administrative burdens, and enable procurement professionals to concentrate on value-driven tasks.

Furthermore, the adoption of niche category-specific tools tailored to the organization's unique needs and challenges is advocated for more efficient procurement processes and cost savings.

Overall, the episode emphasizes the critical role of technology in optimizing procurement operations, driving strategic decision-making, and achieving procurement excellence.

[00:00:48] Greenfield procurement technology investments

[00:04:32] Technological advancements in spend analytics

[00:05:30] Importance of Spend Analytics

[00:08:41] Procurement team efficiency strategies

[00:13:12] Niche category specific tools

[00:15:10] Focus on Category-Specific Tools and Solutions

[00:16:01] Eliminate, automate, delegate for efficiency

And that wraps up another episode of the show.

Thanks again for listening, and do please leave us a review on Apple Podcasts or rate us on Spotify. Every one helps!

We'll be back at the same time next week, so see you there.

If you want to learn more about Procurement Software, check out the useful links below.

 

Stay in touch!

Download our Tech Map for Enterprise

Download our Tech Map for Mid-Market

Download our Tech Map for SMEs

Find your perfect procurement tech solution in our Software Finder app

Sign up for the Procurement Software Newsletter

Book an Intro Call and let’s talk all things Digital Procurement!

Connect with James on LinkedIn

On this episode of The Procurement Software Podcast, host James welcomes back Ward Karson, COO of Raindrop. They discuss how AI applications in source-to-pay technology can be confusing, and how organisations can best navigate the vast array of solutions available.

Ward, a veteran procurement professional, shares valuable insights to help listeners stay ahead in the ever-evolving procurement landscape.

Tune in for expert advice on embracing change and ensuring that new, cutting edge developments in procurement and not confused with old technology masquerading as the new.

AI in Source-to-Pay: Use cases and opportunities

In the latest episode of The Procurement Software Podcast, Ward Karson, COO of Raindrop, returned to discuss the transformative impact of AI on the source-to-pay space

Ward discusses how generative AI is a game-changer versus traditional AI and other types of machine learning and process automation. The conversation highlighted the shift from traditional technologies like RPA (Robotic Process Automation) and OCR (Optical Character Recognition) to advanced AI, including generative AI, exemplified by tools like ChatGPT. Ward clarified that while RPA is process-focused, AI leverages data and generative AI can autonomously create content such as contracts.

Ward stressed the necessity of mastering basic procurement operations before advancing to more complex technologies. He showcased how modern Source-to-Pay (S2P) suites like Raindrop enhance efficiency, cut operational costs, and minimise administrative tasks, potentially rendering Business Process Outsourcing (BPO) in transactional services obsolete to some extent.

The conversation also explores the business case of choosing BPO vs. technology, and how to present the numbers in order to get the political capital required to be given the budgets.

[00:00:48] Greenfield procurement technology investments

[00:04:32] Technological advancements in spend analytics

[00:05:30] Importance of Spend Analytics

[00:08:41] Procurement team efficiency strategies

[00:13:12] Niche category specific tools

[00:15:10] Focus on Category-Specific Tools and Solutions

[00:16:01] Eliminate, automate, delegate for efficiency

And that wraps up another episode of The Procurement Software Podcast!

Thanks to Ward for sharing his insights with us today, and thank you again for listening. We'll be back at the same time next week, so see you there.

If you want to learn more about Ward, Raindrop or Procurement Software, check out the useful links below.

Stay in touch!

Connect with Ward Karson on LinkedIn

Check out Raindrop

Download our Tech Map for Enterprise

Download our Tech Map for Mid-Market

Download our Tech Map for SMEs

Find your perfect procurement tech solution in our Software Finder app

Sign up for the Procurement Software Newsletter

Book an Intro Call and let’s talk all things Digital Procurement!

Connect with James on LinkedIn

This week on The Procurement Software Podcast, host James Meads delves into the topic of why reviews and best-of lists may not be as helpful as they seem when choosing procurement software.

The episode also touches on the lack of transparency in some top procurement tech listings, cautioning listeners to be wary of sponsored content.

Tune in to gain insights on navigating the complex landscape of procurement software selection.

This episode underscores the importance of a critical approach when considering reviews and best-of lists for procurement software.

It stresses that the criteria used in reviews might not always align with an organisation's specific needs, given the diversity in procurement maturity and operational requirements.

The episode further highlights the significance of the reviewer's role within their company, suggesting that feedback from daily users like procurement category managers is more valuable than that from analyst firms.

Additionally, the size and maturity of one's organisation are crucial factors to consider, as a solution fit for a large, mature enterprise may not suit a mid-market business or a growing tech start-up.

The episode concludes by advocating for a nuanced evaluation of procurement software, taking into account the criteria used in reviews, the user's role, and the organisation's size and maturity level, to make informed decisions that best serve an organisation's unique procurement needs.

[00:00:37] The Problem with Reviews and Best-of Lists

[00:01:10] Personal Experiences and Organisational Differences

[00:03:20] Relevance of Reviews from Large Enterprises

[00:04:24] The Bias Towards Large Enterprise in Best-of Lists

[00:05:08] Considerations When Looking at Procurement Software Reviews

[00:07:37] Procurement Maturity and Organisational Stages

[00:08:10] Impact of Change Management and Data Quality

[00:09:04] Summary and Critical Mindset Towards Reviews

[00:11:22] Conclusion and Takeaways

And that's a wrap for another episode of the show.

Thanks again for listening, and do please leave us a review on Apple Podcasts or rate us on Spotify. Every one helps!

We'll be back at the same time next week, so see you there.

If you want to learn more about Procurement Software, check out the useful links below.

 

Stay in touch!

Download our Tech Map for Enterprise

Download our Tech Map for Mid-Market

Download our Tech Map for SMEs

Find your perfect procurement tech solution in our Software Finder app

Sign up for the Procurement Software Newsletter

Book an Intro Call and let’s talk all things Digital Procurement!

Connect with James on LinkedIn