Gartner’s Hype Cycle is a graphical representation of a common pattern that arises with each new technology or other innovation. It shows two stages of upward direction in the rise up to the Peak of Inflated Expectations and the rise up to the Slope of Enlightenment, then leveling off at the Plateau of Productivity.
Each year, Gartner creates more than 90 Hype Cycles in various domains as a way for clients to track technology maturity and future potential. The cycle can help you understand how the perceived value of a given technology evolves over the course of its maturity lifecycle.
Application leaders modernizing their organization’s procurement and sourcing processes can use the 2020 Gartner Hype Cycle for Procurement and Sourcing Solutions to understand the maturity and benefits of a range of available technologies. It will also help justify and prioritize investments in operational and strategic solutions.
Some recent trends from the analysis include:
- AI and analytics are popular topics in procurement.
- Buying organizations’ interest in tightly integrated digitized procurement solutions is driving feature consolidation.
- The intersection with finance is growing.
- HR process integration continues to mature.
- Demand continues to increase for comprehensive legal document management.
This Hype Cycle includes a variety of solutions that differ in terms of adoption, maturity and benefit. Organizations looking for operational advantages need to balance investments that offer short-term incremental improvements with those that offer transformational benefits in the long term. Gartner identifies three innovations as transformational:
- Autonomous procurement
- B2B network intelligence
- Smart Contracts
Download Gartner’s full 2020 Hype Cycle for Procurement and Sourcing Solutions analysis below, and prioritize investments in operational and strategic solutions.