Latest Trends and Vendor Roadmaps for 2024

As procurement tech analysts, we often get sneak peeks into solution providers' roadmaps, both short- and long-term. Sometimes, these updates on their developments and plans are confidential, but most of the time vendors share them for us to socialize.

In recent roadmaps we've seen, several common themes have emerged, such as advancements in AI, enhanced workflows and improved risk management — topics that our analysts have been covering extensively. Vendors are focusing on these areas to stay ahead of trends and meet evolving customer needs. So here’s a look at the latest short- and long-term roadmap trends we’ve seen in 2024.

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A predictable trend for the short term is the prioritization of enhanced AI capabilities and user experience improvements. Key roadmap themes across all source-to-pay areas we cover include advanced email customizations and upgraded dashboards (featuring advanced metrics and widget management, for example). AI is being integrated to cater to specific organizational needs, with use cases such as auto-summarizing risk intelligence and automating entity unwrapping. User experience is being improved with new interfaces and analytics for better risk management, streamlined modification workflows and enhanced self-service platforms supporting strategic sourcing.

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There is also a strong focus on expanding integrations with IT systems, enhancing supplier collaboration features, and developing new modules for real-time data management and automated invoicing. Contract management enhancements include advanced customization options, streamlined amendment processes and organized contract grouping features.

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Vendors’ longer-term roadmaps showcase a commitment to global expansion and AI innovation. They are investing heavily to enter new markets and refine their end-to-end AI technologies to automate and improve every stage of contract management. They envision future developments including autonomous AI-driven contract negotiations and performance monitoring. Strategic AI advancements are visionary, with goals to create advanced AI use cases, for example GPT-to-GPT autonomous negotiations and more comprehensive tools for contract risk management. There is also a push towards integrating broader business workflows and systems and extending S2P tools into supply chain management.

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While each vendor's roadmap has its unique elements, the common trends we've highlighted show a clear direction for the industry. We look forward to seeing these developments come to fruition and encourage you to stay tuned for our updated '50 To Know,' '50 To Watch,' and 'Future 5' lists, coming this October, which will feature some of the most innovative and distinctive tools in the market.

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As always, if you have any questions please reach out to us.

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—?Meena Ibrahim , Research Analyst