While there is always a strong need for organizations to focus on procurement, it becomes even more critical during a recession and tough economic times. It is imperative for companies to know where and with whom they are spending their money, how much is being spent, and where the opportunities are for savings and efficiencies.

Unfortunately, this is often harder to do than it sounds. Previous generations of procurement technology were rigid and difficult to use. This, coupled with the human tendency to shun new processes if they are not easily implemented, made getting true visibility into an organization’s procurement practices seem like a pipe dream.

Fortunately, a new generation of advanced eProcurement tools based on third-generation technology is enabling organizations to easily achieve true visibility into their spend and control over their financial supply chain.