April 2022CIOAPPLICATIONS.COM6Copyright © 2022 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.April - 04 - 2022, Volume 08 - Issue 03 (ISSN 2644-240X) Published by ValleyMedia, Inc. To subscribe to CIO ApplicationsVisit www.cioapplications.com Managing EditorJoe PhillipSalesSebastian Jacobsebastian@cioapplications.comEmailsales@cioapplications.comeditor@cioapplications.commarketing@cioapplications.comEditorialProcurement Software: The Future in NowWith 2022 well underway, businesses the world round are facing continuing COVID-era challenges. Yet despite lasting uncertainty, there's a silver lining. Manufacturers are being forced to build resilience and agility into their supply chains. They're scrutinizing how internal processes are viewed and managed, resulting in significant progress in the world of procurement and supply chain technology.When analyzing opportunities, investors are increasingly scrutinizing how organizations approach sustainability, and their levels of maturity. As a result, environmental, social and governance (ESG) frameworks have gone beyond a simple box-ticking exercise, with ratings at the top of the sustainability agenda. Such focus is set to continue and grow this year. But to deliver on ESG promises, organizations will need to depend heavily on contributions from their end-to-end supply chains.As part of this shift, we'll see all-encompassing categories like GRC, multi-domain master data management (MDM) and middleware start to fade in their current form over the next five to ten years. GRC capabilities will begin moving to community models that pre-qualify suppliers. This is a necessity, because ongoing monitoring is expensive and inefficient for suppliers and customers. Over time GRC platforms will phase out as processes and standards become more productized.Multi-domain MDM will also start to diminish. As part of the corporate IT era of on-site system landscapes, traditional MDM is too disconnected from front-end users and processes, and has failed to deliver on its promise. The next generation of tools connects data governance together with front-end business process, such as supplier onboarding. As standardization and application programming interfaces (APIs) grow, more solutions will be building out point-to-point integrations, which won't require heavy maintenance and customization, and are also more reliable and stable.The procurement function will shift towards sustainable initiatives focusing on human rights and environmental issues. Procurement leaders will ensure that their products or services do not damage human lives, society, and the environment. Futuristic procurement technology will map market news geographic events and new product announcements into potential opportunities for businesses to leverage.Let us know your thoughts.Joe PhillipManaging Editoreditor@cioapplications.comJoe PhillipGraphics & ArtEditorial StaffBen JacksonDaniel HolmesEzra BenjaminSoham SanyalRose DcruzSenior WritersClara MathewLeah JaneRoyce D'SouzaVictor Cruz Disclaimer: *Some of the Insights are based on our interviews with CIOs and CXOs
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