# Procurement * **Definition:** The process of acquiring goods and services in the healthcare sector, which involves a series of stages including budgeting, supplier discovery, contracting, and compliance management, and is subject to specific regulations and challenges. * **Taxonomy:** CTO Topics / Procurement ## News * Selected news on the topic of **Procurement**, for healthcare technology leaders * 11.1K news items are in the system for this topic * Posts have been filtered for tech and healthcare-related keywords | Date | Title | Source | | --- | --- | --- | | 5/27/2025 | [**Gates Foundation Awards Axmed $5M Grant to Boost Maternal and Child Health ...**](https://hitconsultant.net/2025/05/27/gates-foundation-awards-axmed-5m-grant/) | [[HIT Consultant]] | | 4/30/2025 | [**E-Procurement: A Pathway to Efficiency and Sustainability - CIOReview**](https://www.cioreview.com/news/eprocurement-a-pathway-to-efficiency-and-sustainability-nid-40927-cid-27.html) | [[CIO Review]] | | 4/30/2025 | [**Can smarter procurement drive innovation in smaller countries? - Healthcare IT News**](https://www.healthcareitnews.com/news/emea/can-smarter-procurement-drive-innovation-smaller-countries) | [[Healthcare IT News]] | | 4/28/2025 | [**As Procurement Turns Strategic, Firms Inject AI, Analytics**](https://finance.yahoo.com/news/procurement-turns-strategic-firms-inject-142100570.html) | [[Yahoo Finance]] | | 4/15/2025 | [**Purcell leads the way: First Irish contractor to adopt digital procurement - Yahoo Finance**](https://finance.yahoo.com/news/purcell-leads-way-first-irish-074400033.html) | [[Yahoo Finance]] | | 4/12/2025 | [**Global Procurement Outsourcing Market Set to Grow at 11.7AGR - Key Players - PR Newswire**](https://www.prnewswire.com/news-releases/global-procurement-outsourcing-market-set-to-grow-at-11-7-cagr--key-players-ibm-accenture-infosys--valuates-reports-302427029.html) | [[PR Newswire]] | | 4/9/2025 | [**Serving as a Procurement Fraud Whistleblower: What Evidence Do You Need?**](https://www.jdsupra.com/legalnews/serving-as-a-procurement-fraud-9628282/) | [[JD Supra]] | | 3/28/2025 | [**Procurement Outsourcing Global Strategic Business Report 2025: Market to Reach $17.6 ...**](https://finance.yahoo.com/news/procurement-outsourcing-global-strategic-business-152200669.html) | [[Yahoo Finance]] | | 3/25/2025 | [**CobbleStone® Featured on Spend Matters Spring 2025 SolutionMap, Receiving High ... - PRWeb**](https://www.prweb.com/releases/cobblestone-featured-on-spend-matters-spring-2025-solutionmap-receiving-high-rankings-in-numerous-categories-302410721.html) | [[PRWeb]] | | 3/19/2025 | [**Prajkta Waditwar Leads Development of AI-Driven Procurement Tools at The Procurement Compass**](https://markets.businessinsider.com/news/stocks/prajkta-waditwar-leads-development-of-ai-driven-procurement-tools-at-the-procurement-compass-1034494984) | [[Business Insider Markets]] | | 3/19/2025 | [**Prajkta Waditwar Leads Development of AI-Driven Procurement Tools at The Procurement Compass**](https://finance.yahoo.com/news/prajkta-waditwar-leads-development-ai-235600623.html) | [[Yahoo Finance]] | | 2/7/2025 | [**Procurement Software Market to Grow by USD 6.66 Billion (2025-2029), Boosted by E ...**](https://www.prnewswire.com/news-releases/procurement-software-market-to-grow-by-usd-6-66-billion-2025-2029-boosted-by-e-commerce-and-retail-growth-market-evolution-powered-by-ai---technavio-302369830.html) | [[PR Newswire]] | | 1/31/2025 | [**SOVRA Achieves Prestigious AEP Certification for Source-to-Contract Platform, Cementing ...**](https://www.prweb.com/releases/sovra-achieves-prestigious-aep-certification-for-source-to-contract-platform-cementing-leadership-in-public-procurement-302364843.html) | [[PRWeb]] | | 1/24/2025 | [**Arkestro's Museum of Procurement Moves to Arizona State University - PR Newswire**](https://www.prnewswire.com/news-releases/arkestros-museum-of-procurement-moves-to-arizona-state-university-302359477.html) | [[PR Newswire]] | | 1/23/2025 | [**SOVRA Positioned as the Leader in the 2024 SPARK Matrix for Strategic Sourcing ...**](https://www.prweb.com/releases/sovra-positioned-as-the-leader-in-the-2024-spark-matrix-for-strategic-sourcing-applications-by-qks-group-302358802.html) | [[PRWeb]] | | 1/13/2025 | [**3 Reasons Now Is the Golden Age of B2B Procurement**](https://www.pymnts.com/news/b2b-payments/2025/3-reasons-now-is-golden-age-procurement/) | [[PYMTScom]] | | 1/2/2025 | [**New Year, New Supply Chain: Procurement Innovations Shake Up Growth**](https://www.pymnts.com/news/b2b-payments/2025/new-year-new-supply-chain-procurement-innovations-shake-up-growth/) | [[PYMTScom]] | | 12/30/2024 | [**Procurement Software Market Forecast Report by Deployment, Organization, End User, and ...**](https://finance.yahoo.com/news/procurement-software-market-forecast-report-092000673.html) | [[Yahoo Finance]] | | 11/8/2024 | [**ISG to Assess Procurement Services Worldwide**](http://www.businesswire.com/news/home/20241108684257/en/ISG-to-Assess-Procurement-Services-Worldwide/?feedref=JjAwJuNHiystnCoBq_hl-Q-tiwWZwkcswR1UZtV7eGe24xL9TZOyQUMS3J72mJlQ7fxFuNFTHSunhvli30RlBNXya2izy9YOgHlBiZQk2LOzmn6JePCpHPCiYGaEx4DL1Rq8pNwkf3AarimpDzQGuQ==) | [[Business Wire]] | | 10/28/2024 | [**How To Elevate Your Company's Procurement Process**](https://www.forbes.com/councils/forbesbusinesscouncil/2024/10/28/how-to-elevate-your-companys-procurement-process/) | [[Forbes]] | | 9/19/2024 | [**Ready, Set, Go: AI Is Poised to Automate Procurement - Bain**](https://www.bain.com/insights/ready-set-go-ai-is-poised-to-automate-procurement-interactive/) | bain.com | | 9/2/2024 | [**Maungaturoto Solar Farm achieves financial closure on Ryman Healthcare Solar Farm project**](https://www.pv-tech.org/industry-updates/maungaturoto-solar-farm-achieves-financial-closure-on-ryman-healthcare-solar-farm-project/) | pv-tech.org | | 8/22/2024 | [**Euna Solutions to Present and Exhibit at NIGP Forum 2024**](http://www.businesswire.com/news/home/20240822123435/en/Euna-Solutions-to-Present-and-Exhibit-at-NIGP-Forum-2024/?feedref=JjAwJuNHiystnCoBq_hl-Q-tiwWZwkcswR1UZtV7eGe24xL9TZOyQUMS3J72mJlQ7fxFuNFTHSunhvli30RlBNXya2izy9YOgHlBiZQk2LOzmn6JePCpHPCiYGaEx4DL1Rq8pNwkf3AarimpDzQGuQ==) | [[Business Wire]] | | 8/19/2024 | [**Why Procurement Is Gaining Momentum In The C-Suite**](https://www.forbes.com/sites/sap/2024/08/19/why-procurement-is-gaining-momentum-in-the-c-suite/) | [[Forbes]] | | 7/12/2024 | [**Unlocking Hidden Value: Navigating Healthcare Procurement Maturity**](https://medcitynews.com/2024/07/unlocking-hidden-value-navigating-healthcare-procurement-maturity/) | [[MedCity News]] | ## Topic Overview (Some LLM-derived content — please confirm with above primary sources) ### Key Players - **The Procurement Compass**: An innovative online platform led by Prajkta Waditwar that enhances procurement practices through AI-driven tools and insights. - **Zip**: A procurement orchestration platform adopted by financial institutions to enhance procurement operations. - **SOVRA**: An eProcurement platform from mdf commerce recognized for its commitment to transforming public procurement through advanced technology. - **ORO Labs**: Recognized for its procurement orchestration platforms, focusing on enhancing the procurement experience for modern workforces. - **Beroe**: A procurement intelligence provider partnering with Procurement Garage to enhance procurement capabilities in Latin America. - **Oracle Corp.**: Offers procurement solutions that integrate advanced technologies for efficiency. - **Arkestro**: Utilizes behavioral science and machine learning to enhance procurement decision-making and is hosting the Museum of Procurement. - **CobbleStone Software**: Recognized for its contract management and eProcurement suite, achieving high rankings in procurement technology. - **ISG**: Information Services Group, conducting research to analyze modern procurement services and enhance strategic sourcing practices. - **Basware**: A procurement solution provider that integrates with Amazon Business to streamline purchasing processes. - **Globality**: An AI-driven autonomous sourcing platform recognized for its innovative approach to procurement. - **JAGGAER**: A procurement technology leader that enhances procurement, finance, and supply chain capabilities through AI-driven solutions. - **Govly**: An AI-powered platform that enhances public sector procurement through opportunity discovery and collaboration. - **ConstructivIQ**: Offers solutions for procurement planning and material tracking, enhancing supply chain management in construction projects. ### Partnerships and Collaborations - **ORO Labs and ProcureTech**: Acquired ProcureTech to enhance its procurement orchestration platform. - **Pooled Procurement Initiatives**: European initiatives aimed at enhancing access to innovation procurement for smaller countries through joint procurement efforts. - **ConstructivIQ and DPR Construction**: An enterprise agreement to enhance procurement planning and material tracking. - **Oracle NetSuite**: Launched SuiteProcurement in collaboration with Amazon Business and Staples to streamline indirect procurement. - **Beroe and Procurement Garage**: Formed a strategic partnership to enhance procurement capabilities in Latin America by combining AI-driven expertise with regional insights. - **Kearney and ProcureTech**: Collaborating to highlight ongoing innovation in the digital procurement landscape. - **SOVRA and Procurated**: Announced a partnership to integrate Procurated's Canary software into SOVRA's platform, enhancing procurement decision-making for public sector agencies. - **Cart.com and Greenwing Technology**: Collaboration to streamline eProcurement for institutional buyers through centralized access to suppliers. - **Euna Solutions**: Released a report emphasizing network-powered procurement for efficiency and innovation in public procurement. - **Tonkean and Beroe**: Announced a partnership to integrate real-time supplier intelligence into procurement workflows, enhancing decision-making. - **Ivanti and Carahsoft**: Collaboration to improve procurement processes for public sector customers through streamlined access to technology. - **Basware and Amazon Business**: Integration to enhance purchasing and procurement processes, allowing users to search and check out directly within Basware's platform. - **Project44 and SONAR**: Launched Freight Procurement Analytics to provide data-driven procurement strategies for shippers. - **Govly and Carahsoft**: Announced a distribution partnership to enhance collaboration and opportunity discovery within the public sector supply chain. - **LogicSource and Cleveland Clinic**: Collaboration to implement innovative procurement strategies aimed at improving healthcare outcomes. - **University of California and Labviva**: Collaboration to improve procurement efficiency across campuses, focusing on informed purchasing decisions and compliance. - **Coupa and Levelpath**: Partnership to integrate procurement automation capabilities into Coupa's platform, enhancing efficiency and reducing cycle times. - **Fraxion and ZAGENO**: Integrated procure-to-pay solutions with ZAGENO's AI-powered marketplace to enhance procurement for biotechnology customers. - **Arkestro and Arizona State University**: Hosting the Museum of Procurement to inspire future supply chain leaders. ### Innovations, Trends, and Initiatives - **Procurement Orchestration Platforms**: Emerging as a significant market shift, these platforms aim to enhance procurement experiences and decision-making processes. - **Procurement Software Growth**: The procurement software market is expanding due to the demand for efficiency, transparency, and data-driven decision-making. - **Digital Procurement**: The shift towards digital procurement is accelerating, driven by the need for resilient supply chains and automated supplier matching. - **Procurement Automation**: Leading providers are merging BPO with consulting services to enhance client support, focusing on automated processes and strategic sourcing. - **E-Procurement Platforms**: Adoption driven by efficiency and cost savings, automating workflows and ensuring compliance with procurement regulations. - **ProcureSight Integration**: Appian's integration of ProcureSight with its Requirements Management solution to streamline procurement processes. - **Cloud-Based Solutions**: Increasing popularity due to scalability and cost-effectiveness, driving growth in the procurement software market. - **Sustainable Procurement**: Integrates environmental, social, and economic considerations into purchasing decisions, aligning with DEI policies. - **Procurement Analytics Market**: Projected to grow significantly, driven by increased marketing spending and evolving customer intelligence. - **AI in Procurement**: Organizations are increasingly adopting AI and automation to streamline procurement processes and enhance decision-making. - **Procurement Maturity Model**: A self-assessment tool for healthcare CFOs to optimize resources and enhance procurement capabilities. - **AI and Advanced Analytics**: Integration in procurement processes for proactive decision-making and improved supplier relationships. - **SOVRA**: An eProcurement platform revolutionizing public procurement in Michigan, promoting transparency and vendor engagement. - **Value-Based Procurement**: The EU's shift towards value-based procurement emphasizes quality and long-term benefits over cost alone. - **Procurement Fraud Prevention**: The adoption of AI and automation in fraud detection is crucial, with tools like Coupa's Spend Guard helping organizations shift to proactive fraud management. - **Blockchain Technology**: Enhancing procurement transparency and efficiency through smart contracts and real-time data access. - **Generative AI**: Positioned as a transformative technology for automating RFP preparation and bid evaluation, enhancing procurement efficiency. - **Premier SmartPO**: A digital purchasing tool launched by Premier Inc. to automate procurement tasks and provide real-time data. ### Challenges and Concerns - **Procurement Fraud**: Escalating procurement fraud is a significant threat, particularly for middle-market firms, necessitating a shift in mindset towards fraud prevention. - **Talent Shortage**: A significant shortage of skilled procurement professionals is impacting the efficiency of procurement processes. - **Cybersecurity Threats**: Procurement leaders must navigate cybersecurity risks while managing procurement processes. - **Economic Uncertainty**: Procurement leaders are navigating a landscape marked by economic uncertainty and supply shortages post-pandemic. - **Decentralization of Procurement**: Zip addresses the complexities of decentralized procurement processes, which complicate workflows and increase risks. - **Data Security**: Challenges related to data security and loss of control in procurement outsourcing. - **Data Security Concerns**: Organizations face challenges related to data security when outsourcing procurement activities. - **Digital Procurement Adoption**: Only 15% of healthcare companies currently invest in digital procurement solutions, with 45% planning to do so, indicating a need for increased focus on procurement technology. - **Regulatory Compliance**: Increasing regulatory scrutiny is prompting financial institutions to prioritize compliance in procurement operations. - **Integration of Automation**: Challenges in integrating automation into procurement processes due to data silos and the need for human oversight. - **Manual Processes**: Many procurement teams still struggle with manual processes and lack real-time visibility. - **Complex Global Supply Chains**: The increasing complexity of supply chains necessitates centralized procurement systems to manage orders and suppliers effectively. - **Supply Chain Disruptions**: Healthcare procurement faces challenges from supply chain disruptions and rising costs, necessitating resilience. - **Implementation Costs**: Challenges associated with the high initial costs and stakeholder alignment required for blockchain integration in procurement. - **Healthcare Procurement Barriers**: Health Tech startups face procurement challenges when innovations are not viewed as essential, impacting adoption timelines. - **Job Displacement**: Concerns regarding the impact of AI and automation on employment within procurement roles.