Procurement technology leverages digital tools and software to streamline and optimize purchasing processes within organizations. It includes e-procurement platforms for online purchasing and electronic transactions, as well as supplier relationship management systems to monitor supplier performance and relationships effectively. Advanced analytics and AI provide insights into spending patterns and market trends, aiding in informed decision-making and cost savings. Integration with ERP systems ensures seamless data flow across business functions, enhancing operational visibility and control. Cloud-based solutions offer scalability and global accessibility, facilitating remote procurement management and collaboration. Overall, procurement technology aims to drive efficiency, reduce costs, improve tra