Technology has significantly transformed the purchase process in several ways:
E-Procurement Systems: These digital platforms streamline the purchasing process by automating tasks such as supplier selection, order placement, and invoice management. Data Analytics: Analyzing purchasing data helps companies make informed decisions, optimize costs, and predict future needs. Blockchain: This technology enhances transparency and security in supply chain transactions, reducing the risk of fraud and errors. Artificial Intelligence: AI-driven tools can forecast demand, manage inventory, and identify the best suppliers based on performance metrics.