Spend Matters constantly updates its understanding of the state of the procurement tech market via RFIs for its SolutionMap dataset, vendor interviews, global event attendance and product demos with the aim of keeping tech-selection decision makers ahead of market trends. This summer and through to the end of the year, Spend Matters conducted a series of interviews with procurement practitioners to gain a better understanding of their wants and needs. The interviews revealed that practitioners are increasingly looking for solutions that are more intuitive, user-friendly, and tailored to their specific needs. They are also looking for solutions that can provide greater visibility and control over their supply chain, as well as improved collaboration with suppliers. The interviews also highlighted the need for more comprehensive supplier management capabilities, such as supplier discovery, supplier information management, supplier performance management, supplier quality management, supplier relationship management, supplier risk and compliance management, and supplier sustainability management. 

Technology has become more than a support mechanism: it's a strategic tool redefining the rules of engagement. The supply chain sector is a fast-paced environment, and technology has become an essential ally. Its role is more than a support mechanism; it's a strategic tool redefining the rules of engagement. The digital era has ushered in transformative technology to streamline supply chain management. Among these, the P-F interval and predictive maintenance stand out. The P-F interval, indicating the time from a potential failure's first detection to its actual occurrence, is a cornerstone of predictive maintenance. By identifying these failures early, corrective action can be planned before the equipment fails. Sensors embedded in supply chain equipment play a vital role here. They monitor parameters like vibration, temperature, and pressure to detect potential failures and alert the supply chain manager. This information is then used to plan corrective action and prevent equipment failure. 

The COVID pandemic has served as a reminder of the importance of supply chain resiliency. Natural disasters, political instability, transportation disruptions, and manufacturing problems are all threats to the movement of raw materials and goods. To reduce costly delays and better anticipate and mitigate future disruptions, organizations must embrace cloud computing and advanced AI technologies like large language models, machine learning, and robotics. According to an article by Supply & Demand Chain Executive, automation is the key to ensuring supply chain resiliency.