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How much does procurement tech actually cost?
Episode 1015th May 2024 • The Procurement Software Podcast • James Meads
00:00:00 00:12:48

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This week on The Procurement Software Podcast, host James Meads explores different price points for procurement technology applications. James discusses software options costing less than $20,000 to $25,000 per year, those ranging from $25,000 to $75,000 annually, and higher-end solutions. Tune in to discover what each price point can offer your procurement team and how to make the most of your tech budget.

How much do digital procurement tools cost?

In this episode, the focus is on the broad spectrum of procurement technology solutions available across various price ranges, catering to different organizational needs and budgets. For those with a budget under $20,000 per year, niche-specific software designed for SMEs offers basic yet modern e-sourcing and spend analytics capabilities. Mid-market organizations with a budget between $25,000 to $75,000 per year can access more comprehensive e-sourcing solutions, AI-powered spend analytics, and full-featured procure-to-pay software, along with supplier relationship management platforms. For budgets exceeding $100,000 per year, top-tier procurement technologies become available, including full e-sourcing suites, advanced spend analytics, complete source-to-contract suites, and AI-powered automation for tactical and tail spend. The episode emphasises the importance of aligning procurement technology investments with organisational budgets and the need to enhance procurement processes and drive digital transformation within the procurement function. Timestamps: [00:02:24] Procurement tech on a budget. [00:05:05] Accounts payable workflow automation. [00:06:19] Procurement Tech for $25,000 to $75,000 per Year [00:09:00] Premier League of procurement technology. [00:12:08] Digital procurement introduction. And that wraps up another episode of The Procurement Software Podcast! Thanks again for listening, and do please leave us a review on Apple Podcasts or rate us on Spotify. Every one helps! We'll be back at the same time next week, so see you there. If you want to learn more about Procurement Software, check out the useful links below.  

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