procurement software

Nick Verkroost, CEO at Canopy, talks about the current state of the procurement software industry and his predictions for what’s next in this space


The Guest – Nick Verkroost, CEO at Canopy:

Nick Verkroost is the CEO at Canopy, an innovative supplier relationship management platform that gives procurement teams complete visibility of their supplier data and eliminates manual administration. With over 10 years of experience setting up and growing B2B technology companies, Nick has worked with organisations of all sizes to assess blind spots in their operational execution and organisational growth. 

The Strategic Significance of Procurement Tech in Modern Business:

In the modern business landscape, technology procurement plays a pivotal role in enabling organisations to effectively acquire the necessary tools and resources to support their operations. While the market was once dominated by a handful of major players, the landscape has shifted dramatically over the last decade, giving rise to the rise of a new industry - Procurement Tech. These emerging entities are dedicated to addressing specific challenges within procurement processes, such as supplier relationship management and administrative automation.

The spotlight on Procurement Tech is intensifying, with a growing emphasis on data-driven solutions and the transformative potential of AI. This paradigm shift heralds a new era in procurement, where advanced analytics and AI algorithms promise to revolutionise operational efficiency and decision-making processes.

Some of the highlights in this episode include:

• Common challenges faced in procurement
• The evolving landscape of Procurement Tech
• Why companies need procurement software 
• The use of AI in the Procurement Tech 

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The procurement process in recent years has evolved way beyond simple purchase orders and pricing tables. Today's dynamic supply chain calls for innovative end-to-end solutions, that pair the best procurement software with an awareness of the business processes of your individual procurement team, and how they help the company achieve cost savings and profitability. Call it strategic sourcing or innovative supplier management, the bottom line is that the procurement process must change if the manufacturing industry is to meet the challenges of today’s supply chain.

In Zero RFQs, the need to request a quote is completely removed thanks to seamless integration between procurement and suppliers.