Procurement Solutions Overview
BuiltWorlds defines procurement solutions as digital solutions that optimize and automate the sourcing, purchasing and management of materials, equipment and subcontractor services. These technologies enhance efficiency by integrating real-time data, enabling contractors to track procurement workflows, manage budgets and mitigate supply chain risks. Key features often include demand forecasting, supplier evaluation, bid management and contract tracking, ensuring that materials and services are procured at the right time, cost and quality. Additionally, advanced procurement tools leverage AI and analytics to improve decision-making, reduce waste and enhance collaboration among project stakeholders, ultimately helping to keep projects on schedule and within budget.
Key Takeaways
- Less than half of respondents noted a use of a procurement software, with only…