The increasing demand for analytics solutions to support supply chain digitization is attributed to the growth of supplier management.

The global supplier management market is projected to grow at a CAGR of 6.5% from 2023 to 2033. This growth is attributed to the increasing demand for supplier management and analytics solutions to support the digitization of the supply chain, increasing focus on efficient supplier performance management, and the growing need to reduce costs and improve operational efficiency.

Moreover, the rising need to optimize and streamline supplier management processes, and the increasing adoption of cloud–based solutions are expected to drive the demand for supplier management.

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Market Buoyancy Analysis

• Nov 2022- Epicor has joined hands with BisTrack and Geotab to deliver the power of the cloud for streamlining operations. The industry-specific enterprise software leader announced strategic independent software vendor partnerships with these two companies. These are anticipated to building suppliers and deliver cloud capacities to respond to consumer needs.
• 2015- Intelex launched a novel solution in this regard which is intended to improve supply chain networks at parent levels owing to growth in industries. Neocase also introduced SRM software which was focused on the easing financial aspects of business operations to make it more effective in the forecast period for all suppliers, employees, and consumers.
• 2014- Prior to the aforementioned companies, Generix Group launched the supplier’s portal that offers computerization of administrative tasks. Further, it handled delegation, operation pooling, paperless documentation, and dispute reduction in terms of supplier management.
• SAP Ariba- It’s a cloud-based solution for the collaborative management of sales, spending, and finance. Even though ERP and CRM are effective but they are not as capable to improve the interactions further between businesses. Ariba came up with an interactive interface and SaaS-based solutions for spend management. The application can also be integrated with the other ERPs at the level of an enterprise.
• Basware – This is a cloud-based solution mainly focused on providing ease to all staff involved in finance, procurement, and automated technologies. The software has reached about more than 70 countries and has made it to 9,500 businesses across the globe. These solutions can simplify operations and helps business to spend smarter.
• Anvyl – It’s a highly recommended innovative solution for manufacturers globally as it assists fully in visibility and process automation. Moreover, its supplier management and predictive analysis help the company to streamline its production through its pre-built APIs that enable quick integration of the supply chain data.