OVERVIEW

When asked to write about new technology, it is obvious that the information will be outdated by the time it hits the press. Therefore, the goal should be geared more towards the types of tools that are available and the scope of their utility. Today's successful software providers can become "has beens" overnight, so we must focus on the elements of technology that are beneficial and lasting. In the field of procurement, there are processes that are timeless and although the technology changes at a tremendous rate, certain fundamental concepts remain the same.

As companies around the world pressure their procurement people to cut costs every year and define measurable reductions, the bottom line becomes "pricing can only go so low." However, management does not want to hear that what you have is the "lowest possible price." They want to see metrics defining more cost savings. Therefore, today's procurement professional must look to technology, processes, and other tools that will allow him or her to identify other areas for savings and continue to improve the "bottom line." In the last few years, we have seen a large increase in technological advancements for domestic procurements. These advancements have come in the shape of reverse auctions and e-business techniques, and they have made a significant impact on U.S. businesses. However, as our domestic options dwindle, everyone has been looking beyond our borders to find new technology and electronic data that allow us to reduce costs, understand our markets, and gain competitive...