According to the latest procurement intelligence report from Technavio, the global enterprise application market is expected to grow at a CAGR of 7.6% over the next five years due to an increasing need for automation of certain business functions to reduce operation cycle times.
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Technavio has published a new report on the global enterprise application market from 2017-2021. (Graphic: Business Wire)
The research report titled ‘Global Enterprise Application Market: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The need to streamline business processes to improve financial performance is driving the growth of the global enterprise application market. The applications' ability to facilitate real-time and accurate information flow among various departments helps improve internal processes,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “In addition, the healthcare market segment of the enterprise application is likely to grow at a CAGR of around 8.2%–8.6% during the forecast period due to the upsurge in the need for real-time data transparency,” adds Angad.
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Cost saving opportunities in the enterprise application market
The adoption of various cost-optimization levers helps buyers of enterprise application realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the enterprise application market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Technologies such as cloud-based applications and enterprise mobile applications enable cost savings by sharing of computing resources and they also facilitate access to enterprise applications from anywhere.
Also, predictive analytics provides buyers insights from enterprise data. The implementation of enterprise applications has long-term effects on the business process of organizations. Since most enterprise applications have pre-configured functionalities, buyers evaluate the suitability of each functionality with the business process to ensure that it meets specific requirements.
Supplier competition saving aspects
Competitive bidding depends on experience, expertise, value-adds, and transparency in pricing. Apart from price and technology as factors for selecting enterprise applications, buyers look to evaluate them based on existing business processes and integration with the existing software capabilities to ensure better ROI and long-term benefits. These factors help buyers evaluate the compatibility of the tools and features offered by the enterprise application system with existing systems in organizations.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the global enterprise application market is the bundling of services related to implementation and maintenance of enterprise applications. These include implementation planning, training users, and providing related documentation.
Advancements in enterprise applications in terms of cloud platform and mobility have increased the level of vulnerability of enterprise applications to security threats. Therefore, periodic vulnerability assessments for all enterprise applications are necessary to protect critical data.
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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