Digital Transaction Management Software Category Procurement Intelligence Report

End User Software and Hardware market around the world is undergoing rapid transitions that have a massive potential to influence the way companies strategize for Digital Transaction Management Software procurement and the cost they have to incur. New locations and vendors are emerging as cost effective suppliers of Digital Transaction Management Software, offering an opportunity to widen the supplier base and gain further negotiation leverage with incumbent suppliers.

Stringency in the regulatory norms pertaining to data protection and cybersecurity has increased compliance and security burden on suppliers. These additional costs have a potential to drive marginal increase in prices across the key geographies.

In a bid to differentiate themselves in an overcrowded technology space, suppliers are now focusing on creating industry-specific specialized products. Buyers see this trend as an opportunity to procure more targeted solutions and are developing internal capabilities to identify and leverage innovations in the supplier base.

Digital Transaction Management Software procurement best practices are moving towards a level of sophistication which is typically seen in traditional procurement categories. Category managers now have an attractive opportunity to adapt the best practices seen within this category as well as those being leveraged in other non-related categories. This report summarizes the best practices picked from across multiple categories that could work well for category managers involved with Digital Transaction Management Software procurement strategy.

For example, Transferring to a new supplier can be often costly and can further get exacerbated by instances of vendor lock-ins. Buyers must scrutinize the offerings of service providers for any possibilities of vendor lock-ins and demand client testimonials from service providers to assess such possibilities. Watch out for products/services that are priced excessively low, as they can often result in costly lock-ins.

Developing a strong understanding of the potential vulnerabilities of service providers can help buyers limit their potential losses and also gives the bargaining power to demand services from more robust measures in the SLA.

Needs of buyers can vary depending on the industry where buyers operate. For instance, buyers from the financial services industry give high importance to regulatory compliance and data security, whereas buyers from the e-commerce industry prioritize high throughput, low response time, and high scalability. Hence, service providers with a strong knowledge of the security, compliance, and governance needs of buyers' industries and a proven track record of performance with respect to these aspects should be prioritized.

Digital Transaction Management Software procurement managers also need to proactively identify and mitigate potential risks that can arise in the supply chain or contracts for Digital Transaction Management Software procurement. Some examples include: