Key Reasons Why Procurement Should Adopt Best-of-Breed Technology

ProcureTech is a software category growing at an exponential rate.

The Global Procurement Software Market size is projected to reach USD 9.5 Billion by 2028, growing at a CAGR of 7.6% from 2021 to 2028.

This is an exciting time to be working in Procurement, and an even more exciting time to be adopting Procurement Technology.

We’re experiencing an era that we have identified as the ProcureTech Trifecta, consisting of 3 primary drivers:

• Best-of-Breed solution providers are maturing within their technology.
  
  
• VC Capital continues to flowing into the Procurement Technology Category aiding emerging technologies and vendors to grow their business and solution capabilities.
  
  
• The Last leg of the Trifecta… YOU…. procurement practitioners are fed up with outdated, legacy and homegrown technologies, managing procurement processes in Excel & Sharepoint. And when it comes to all-in-one procurement solutions, you’re starting to realize they don’t have all you want. Subsequently, procurement teams are starting to turn towards Growth and Startup Vendors who are often providing best of breed or point solutions to fill gaps, and create more agile procurement ecosystems.

The 2022 CPO Compass survey by Procurement Leaders reported that 59% of procurement functions are targeting a best-of-breed approach to technology adoption in 2022. “End-to-End or Best-of-Breed… which team are you on!?” Our team at Kodiak Hub is here to say… it’s not a competition!

There’s a common misconception that the application & adoption of ProcureTech solutions holds two definitive paths; end-to-end OR best-of-breed. Best-of-breed solutions aren’t replacing all-in-one suites, but instead offer an outlet for concentrated & isolated applications of specialized solutions, which often address business-critical areas of the broader procurement process.