Innovation Driving Procurement Excellence

The sourcing and procurement consulting market in India is witnessing a rapid growth due to some of the key factors encompassing the rising globalization, changing regulatory conditions, and the growing need for cost optimization as well as efficiency in supply chain management. Such growth is further promoted by startups, which, in turn, introduce creative solutions and change the whole pattern of consulting. The Indian subcontinent has become a center of gravity for outsourcing and manufacturing and, as a result, the demand for consulting services in this field has increased. While the businesses of India are growing and getting internationalized, they face a wide range of issues in their supply chains, including management of risk, optimization, and regulatory compliance. These consultancy firms that deal with sourcing and procurement have served as a vital asset in guiding organizations to restructure the procurement processes, negotiate favorable contracts and also to build valued supplier relationships.

The Indian sourcing and procurement consulting market is witnessing a paradigm shift, thanks to the pioneering efforts of startups towards innovation and transformation. Digital technologies like artificial intelligence, machine learning, and blockchain come in handy as innovative startups are developing current and next-generation solutions to market inefficiencies and pain points such as those in procurement operations. These solutions include AI-powered smart procurement analytics platforms, and blockchain-based supply management systems which give organizations more transparency, efficiency, and flexibility in their procurement processes. On the other side, startups in this industry are democratizing the access to the expertise in sourcing and procurement through providing scalable and affordable consulting services which are fitted to the needs of the small and medium size enterprises (SMEs).

In this issue, we acquaint you with the top startups in this field. After studying the industry landscape in-depth, Industry Outlook has zeroed in on the top startups that have excelled with their meticulous approach. Having proven their dedication in order to meet the customer’s expectations in an end-to-end manner, these companies have stood out from the crowd.

We look forward to receiving your feedback and suggestions.