Financial Management, Payments
Article | June 20, 2023
Read this article to find out how these insurance software tools are catalyzing insurtech innovations, streamlining processes, improving efficiency, and propelling the insurance industry forward.
Contents
1 Adapting to the Digital Era with Insurance Software Tools
2 Latest Insurance Software Tools for Modern Practices
2.1 OneShield Claims
2.2 360SiteView
2.3 Snapsheet
2.4 InsuredMine
2.5 BriteCore
2.6 Origami Risk
2.7 Ventiv Claims
2.8 myCOI
2.9 AgentSync
2.10 ePayPolicy
3 Future Prospects
1. Adapting to the Digital Era with Insurance Software Tools
The insurance industry, known for its inherent complexities and constant evolution, is experiencing a significant shift with the introduction of advanced insurance software tools. These tools, utilizing technologies such as AI, IoT, and blockchain, are changing how insurance companies operate. The implementation of these technologies significantly improves operational efficiency and simplifies intricate processes through meticulous data management. This capability helps insurance firms make better decisions, offer customized experiences to customers, and conduct accurate risk assessments.
This article illustrates the crucial role of insurance software tools in updating insurance practices, highlighting the necessity for their strategic adoption by insurance companies aiming to thrive in the digital era. It showcases the significant impact these tools have on improving operations and leading the way in developing innovative and competitive insurance products and services.
2. Latest Insurance Software Tools for Modern Practices
These must-have insurance software tools highlight their unique features and explain why they stand out at the forefront of insurance technology. These tools can streamline operations, enhance customer engagement, and facilitate accurate risk assessment.
2.1OneShield Claims
OneShield Claims plays an instrumental role in augmenting operational and procedural efficiencies. It elevated service levels for agents and members, reducing financial exposure and sustaining customer retention.
Its key features include the following:
It can be accessed and managed through a web browser, facilitating the automation of sales and service of insurance products across personal, commercial, and specialty lines.
It emphasizes the importance of delivering solutions within the agreed timeframe, ensuring clients receive timely support for their insurance needs. It also facilitates the tracking of activities and identification of opportunities before claim conversion.
It offers First Notice of Loss (FNOL) Reporting, which is essential for initial claim reporting.
It utilizes cloud-based and SaaS technologies to offer scalable, accessible, and efficient insurance management solutions.
It assigns claims based on criteria such as user role, skill set, location, and line of business, among others.
It coordinates service requests for vendors throughout the claim's lifecycle.
It identifies recovery opportunities across various types such as salvage, subrogation, reinsurance, deductible, etc.
2.2360SiteView
360Globalnet introduces a new era in insurance claims management by digitizing the entire claims lifecycle, from FNOL to settlement, through the implementation of a no-code online digital claims core system technology. This insurtech innovation offers policyholders a seamless customer experience that aligns with their contemporary consumer expectations while simultaneously reducing the operational costs of claims management through supply chain orchestration and automation.
Other benefits of this insurance software include the following:
It presents advanced, cost-efficient claims solutions directly to insurers. These solutions encompass specialized crowdsourced investigation, digital drainage surveillance, subsidence examination/repair, as well as services for the escape of water, flood, and fire claims.
A transformative aspect lies in its no-code architecture, which allows for the construction of workflows and processes directly from the desktop without the need for coding expertise.
360SiteView facilitates the automation and orchestration of all parties involved in a claim, including agents/brokers, customers, third-party supply chains, and so on.
It allows virtual interactions with every party involved in the claims process with embedded live-streaming functionality, supporting the management of any sort of media, including paperwork, video, and photography. Moreover, it achieves this across various domains, including property, casualty, accident/health, and life.
2.3 Snapsheet
The insurance software solutions provided by Snapsheet redefine the claims management process, presenting a cloud-based platform that revolutionizes each stage.
The advantages of this customized insurance software include digital automation, seamless integration, and dedicated support. These benefits aim, to reduce time, cost, and stress in insurance claims processing.
Other characteristics include the following:
From precise damage estimation to rapid payment processing and seamless interaction with claimants, Snapsheet equips users with the ability to automate claims handling effortlessly.
Through the optimization of the claims process, Snapsheet effectively minimizes both time and expenses, facilitating the maximization of profits and the stimulation of business expansion.
The tool transforms claim operations, fully unlocking their potential.
Snapsheet simplifies insurance claims processing through its advanced cloud-based software platform. It supports streamlining appraisals, claims, payments, or all three with a digital end-to-end solution.
2.4InsuredMine
InsuredMine stands as a comprehensive digital platform, merging a suite of integrated technologies specifically designed to empower independent agents and carriers.
Other key attributes are:
It delivers an omnichannel experience to clients, facilitating growth through enhanced lead conversion, improved contact engagement, and extended client retention.
This effective insurance software boasts a wide array of features. These include a CRM tailored for insurance agents, task management, goal setting, a dashboard equipped with charts, widgets, and KPIs, marketing automation, a sales & service pipeline, management of opportunities, chat functionalities through app & text, Google reviews, and an Insurance Wallet Mobile App.
InsuredMine simplifies the journey from capturing leads to policy renewal with its insurance CRM, automating tasks for increased operational efficiency and growth.
2.5BriteCore
BriteCore is a core cloud insurance solution designed specifically for Property & Casualty (P&C) insurers. It administers policies, manages billing and claims, quickly configures new products, and provides access to comprehensive reporting and analytics within a unified core system, which includes portals for agents and policyholders.
Other principal components:
The reporting and analytics component of BriteCore features executive dashboards tailored to different user personas, advanced analytics, and extensive reporting capabilities. This functionality facilitates the identification and pursuit of new business opportunities for growth or cost optimization.
BriteCore is constructed for adaptability and rapid execution in real-time, utilizing contemporary technologies such as in-memory databases, machine learning, and data visualization.
The design of this software for insurance companies emphasizes ease of use in product and rating modifications. Thus, it ensures that changes can be implemented swiftly by the users' team or by BriteCore's professional services team.
Pre-established templates and workflows support the swift introduction of new insurance products, with version control providing an additional layer of security.
This advanced insurance software is designed to be interconnected, allowing for the evolution and integration of the latest trends and technologies within the insurance industry.
Through its ecosystem, BriteCore introduces many new capabilities by partnering with a broad array of third-party insurance solution providers.
Moreover, built-in APIs facilitate the rapid development of new, value-added integrations by BriteCore and its community, enhancing the platform's overall utility and adaptability.
2.6Origami Risk
Origami Risk offers a sophisticated and versatile, integrated SaaS platform tailored for insurance, risk, safety, and compliance management. It furnishes entities with a unified system to streamline essential workflows, amass data, utilize analytics, and interact with stakeholders.
Other benefits of this insurance software solution include the following:
The P&C Insurance solution by Origami encompasses policy administration, rating, billing, claims administration, and loss control, alongside analytics, dashboards, and reporting features.
Its Risk Management solution consolidates data on insurable and non-insurable risks, facilitating the automation of risk, audit, compliance, health, and safety processes.
Origami's cloud-based platform is tailored to the diverse needs of the risk and insurance sectors. The platform supports clients across government, healthcare, construction, insurance, retail, manufacturing, energy, and waste management.
The tool’s Risk Management offers advanced SaaS solutions to enhance operational efficiency for organizations. It improves workflow management, analytics optimization, and stakeholder engagement across various industries.
2.7Ventiv Claims
Ventiv Claims operates as an extensive claims administration platform, integrating several Claims Management modules. Its key enhancements include a variety of supporting modules like Absence Management, Enterprise Legal Management, Workers’ Compensation, Policy Management, Billing Management, Claims Intelligence, Corrective Action Plans, and Incident Reporting.
The advantages of this insurance software tool comprise the following:
Originating from the perspective of claims examiners, the system is designed to streamline the claims management process.
It incorporates intuitive features such as diaries, business rules, workflow management, notepads, and financial management tools.
The system allows for the creation of custom workflows. These help improve the efficiency of claims, documents, and policy administration tailored to the specific needs of each client.
It facilitates control over key areas: incident intake, claims consolidation and administration, supervision, and management of legal risks and litigation.
The tool tracks all claim details, including loss descriptions, causes, and financials, with options to define claim types, payment buckets, and detailed transactions.
Ventiv Claims enables monitoring of claim trends, identification of loss drivers, optimal reserve setting, promotion of successful coverage outcomes, and accurate loss data provision for actuarial analysis.
2.8myCOI
Established in 2009, myCOI offers a comprehensive COI software and service solution using AI and cloud technology. It is designed to protect organizations from costly claims and ensure compliance.
Some of its distinguished features include the following:
myCOI automates COI management, compliance tracking, and risk reporting for vendors, suppliers, tenants, subcontractors, franchisees, and carriers.
Streamlines the manual process of verifying, storing, monitoring, and tracking COIs, including validation of vendor information and coverage dates.
Simplifies the labor-intensive process of managing certificates of insurance, making it easier to maintain accurate and up-to-date information on expiration dates and coverages.
Its tracking software enhances the management of insurance certificates. It ensures accuracy, facilitates timely renewals, and improves compliance with insurance regulations.
By automating critical processes, it renders insurance management and certificate tracking more efficient, reducing administrative burdens, and elevating compliance and risk management capabilities.
2.9AgentSync
AgentSync constructs contemporary infrastructure for enhancing efficiency within the insurance sector. Its solutions are designed to mitigate obstacles, enhance efficiency, and ensure regulatory compliance.
Some of the other features of this modern insurance software include the following:
Refines onboarding, contracting, licensing, appointing, and compliance maintenance processes for insurance producers and brokers across property-casualty, life, health, and annuity markets
Utilizes client-focused design, smooth APIs, automation, and superior service to simplify and improve onboarding, licensing, and appointing procedures
Enables insurance carriers, agencies, and MGAs to unlock operational efficiencies, minimize risk, and propel growth
Enhances sales efficiency and effectiveness through improved data visibility
Reduces costs and boosts sales productivity by automating producer compliance management
2.10ePayPolicy
Over 6,000 insurance firms utilize ePayPolicy to enhance payment efficiency through a user-friendly, integrated platform. It enables secure ACH and credit card transactions, along with daily check collection and a comprehensive payables network accessible via a unified dashboard.
Some remarkable features of this insurance software consist of the following:
The tool features integrations with management systems to optimize accounting processes, thereby increasing satisfaction among accounting teams and customers alike.
Recognized as the fastest and most secure method for financial transactions within the insurance sector, it simplifies the payment reception process.
Offers a contract-free service devoid of setup and hidden charges, requiring no technical effort for implementation. Registration is quick, requiring merely 5 minutes on epaypolicy.com, with the ability to start accepting online payments within 24 hours.
Introduces CheckMate, a solution designed to alleviate the challenges associated with paper payments by facilitating swift check routing and reconciliation, manageable via the ePayPolicy dashboard.
3Future Prospects
Insurance software tools play a crucial role in modern insurance strategies, clearly showing their critical significance. These tools are essential as they offer complete solutions to the complexities of the insurance industry.
By incorporating AI in insurance, alongside advanced technologies such as data analytics and blockchain, insurance software not only enhances operational efficiency but also enables more precise risk assessments. Additionally, it enriches decision-making processes and tailors customer experiences to individual needs. This technological integration also enables personalized customer service, significantly enhancing client satisfaction and engagement.
Insurance companies that leverage modern insurance software solutions secure a significant competitive edge, establishing themselves as frontrunners in the industry.
Moreover, to keep pace with the latest technologies in the insurance software industry, engaging in insurance software events and networking with industry peers is crucial. Such participation enables individuals to discover trending innovations and solutions. The strategic adoption of the latest tools transcends basic operational improvements, embodying a crucial strategy for ensuring the long-term resilience and prosperity of the business within a digital framework. This highlights the significant influence and essential need for choosing the right insurance software, which is key to steering the future course of insurance practices.
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Financial Management, Payments
Article | July 28, 2023
Mark your calendar for the top 10 insurance software events in 2024. These global insurance technology events help in expanding networks, acquiring new insights, and forging strong relationships.
Contents
1.Introduction
2.Top 10 Insurance Tech Meetups of 2024
2.1 Insurance Tech Innovation Conference
2.2 Digital Insurance Summit
2.3 InsureTech Connect Asia 2024
2.4 36th Annual Insurance Industry Conference
2.5 ITC Vegas
2.6 Captive Insurance Forum of CT
2.7 Insurance Tech & Innovation Conference
2.8 2024 Life Insurance & Annuity Conference
2.9 9th Annual Digital Transformation in Insurance Conference 2024
2.10 The Future of Insurance USA 2024
3.Summing Up
1. Introduction
Attending in-person industry events is crucial for insurance professionals eager to stay ahead in the newest insurtech trends, such as AI, machine learning, and blockchain. These insurance software events in 2024 surpass digital learning by fostering deep connections and engaging discussions on ethics, diversity, and innovation. They expand professional networks, offer fresh insights, and solidify relationships through shared experiences.
Furthermore, they serve as a vital component of professional development by providing education credits. They ensure keeping attendees current with industry trends and boost their expertise through participation and content creation. As the industry continues to transform, these upcoming insurance software events 2024 remain pivotal for those committed to leading in technological and regulatory advancements.
2. Top 10 Insurance Tech Meetups of 2024
Innovation within the insurance sector is a firmly established practice, with remarkable and pioneering solutions continually emerging to support businesses and individuals. Despite this history of innovation, the sector appears to trail behind others in adopting advancements in technology, customer engagement, telematics, data capture, and analysis.
The following list of top insurance software conferences 2024 presents a unique opportunity for innovators, entrepreneurs and investors. Professionals from across the industry can connect with peers who share a commitment to maximizing the full potential of technological possibilities.
2.1 Insurance Tech Innovation Conference
Date: June 5-6, 2024
Venue: Hilton London Heathrow Airport – UK
The rise of InsurTech has sparked a revolution in business models, strategies, and technologies, marking a critical step forward in the digital transformation of the insurance industry. Accelerated by the global pandemic, this trend has prompted leading insurance firms to fundamentally rethink their operations to better serve their customers' changing needs.
In response to the urgent need for swift adaptation, this insurance tech innovation conference 2024 offers a platform for industry professionals. They can share and learn about new strategies presented by over 30 experts in insurance technology. The event will host over 200 leaders in technology, innovation, data, and analytics, all focused on driving change and staying ahead in today’s competitive market.
Key Highlights of the Session
Emphasis on enhancing customer experiences and engagement models
Adoption of analytics, blockchain, and cloud technology for innovation in insurance
Utilization of AI, ML, IoT, and big data to optimize insurance operations
Implementation of RPA, legacy modernization, and automated compliance procedures
Roadmap for handling virtual claims to enhance efficiency and customer satisfaction
Who Should Attend?
This insurance tech meetup 2024 is tailored for leaders in the insurance sector seeking valuable insights and aiming to maintain a competitive edge in their digital transformation endeavors.
Attendees include CIOs, CTOs, CEOs, VPs, directors, and managers representing various roles within the insurance domain, including brokers/agents, retail agents, claim adjusters, underwriters, actuaries, and others.
2.2 Digital Insurance Summit
Date: April 29-30, 2024
Venue: Hyatt Regency Austin, TX
Digital Insurance Summit represents a significant convergence of forward-thinking minds within the risk-averse insurance sector. This global insurtech summit serves as a pivotal platform wherein insurers, insurtech companies, brokers, and agencies converge to catalyze transformative shifts in their operations. The focus is on enhancing customer satisfaction and operational efficiency.
Engaging with the foremost leaders in digital insurance, attendees will address critical challenges, foster collaboration, and position themselves as influential thought leaders within the industry. Participants at the Digital Insurance Summit will have the opportunity to discover the solutions they are seeking through interactive roundtable discussions, case study presentations, panels, or one-on-one Q&A sessions.
Key Benefits of Attending This Summit
The Digital Insurance Summit offers a unique opportunity to engage with industry leaders, access exceptional content, and enhance professional networks. Participants attending this insurance tech conference can:
Expand professional networks through interactive sessions with industry peers
Access meticulously curated content bolstered by six months of research and industry insights
Benefit from personalized assistance and support from knowledgeable onsite staff
Maximize ROI with tailored content addressing specific business needs
2.3 InsureTech Connect Asia 2024
Date: June 4-6, 2024
Venue: Sands Expo & Convention Centre, Singapore
InsureTech Connect (ITC) Asia stands as the premier insurance event, boasting unparalleled access to a diverse array of industry incumbents, tech entrepreneurs, and investors on a global scale. Spanning three days, this gathering serves as a pivotal platform for industry stakeholders to disseminate insights and analyze emerging trends within the insurance market.
Participants will explore strategies aimed at enhancing productivity and mitigating costs through innovative approaches and digital transformation. The culmination of this assembly promises to augment industry acumen, streamline operational efficacy, and ultimately enhance the welfare of policyholders. Notably, the hallmark of this insurance software events in 2024 lies in its exceptional networking opportunities, facilitating tens of thousands of meetings and fostering invaluable connections amongst attendees.
Who's in the Spotlight?
Insurers can leverage unparalleled networking opportunities and insights by attending this event, as it offers a platform to forge strategic partnerships, stay abreast of industry advancements, and engage with high-level peers.
InsurTechs can make the most of this event as they will have the opportunity to connect with investors and industry pioneers. Additionally, they can explore collaborative ventures, understand global investment trends, and gain invaluable market insights to drive innovation.
Investors can seize this opportunity to anticipate industry trends and forge connections with influential thought leaders. The event aims to provide investors with comprehensive visibility into companies across diverse stages and strategies.
2.4 36th Annual Insurance Industry Conference
Date: September 24-25, 2024
Venue: KPMG Lakehouse, Orlando, Florida
The insurance industry grapples with significant changes driven by technological advancements, regulatory shifts, economic challenges, and customer expectations, necessitating industry leaders to unite and shape the future.
In context to this, the conference offers a platform for engaging exchanges, panel discussions, and keynote speeches. These discussions enable leaders to embrace change, drive sustainable growth, and influence the trajectory of the insurance industry across life & retirement, property & casualty, and insurance distribution & services sectors.
Whether attending in person or virtually, participants can anticipate:
A comprehensive agenda offering varied viewpoints on pressing matters confronting insurers today
Innovative ideas and insightful content to provoke strategic thought
Resourceful strategies to address challenges and achieve intended outcomes
Networking opportunities enabling connections with fellow insurance professionals, fostering professional network expansion
2.5 ITC Vegas
Date: October 15-17, 2024
Venue: Las Vegas
The premier gathering of insurance innovation globally, ITC Vegas combines unparalleled networking opportunities with the latest advancements. It ensures attendees spend time connecting with peers, exploring innovative solutions, and cultivating valuable partnerships.
Attendees can expect to discover solutions to pressing challenges, access unique educational resources, and engage with top professionals in the insurance industry. ITC Vegas serves as a catalyst for progress within the insurtech sector and beyond.
Who Should Attend?
Industry executives can connect with entrepreneurs, explore commercial relationships, and engage with fellow leaders across all insurance categories.
Entrepreneurs can network with investors, fellow innovators, and industry leaders. They can also learn about global investment trends, the industry mindset, and market directions.
Investors can gain insight into companies of all stages and strategies, and they can meet the thought leaders shaping the industry.
2.6 Captive Insurance Forum of CT
Date: April 16, 2024
Venue: Mohegan Sun Resort, Uncasville, CT
This insurance forum offers an insightful exploration of captive insurance. It invites participants to explore its potential benefits, including lower insurance costs, tax advantages, underwriting profits, and enhanced control over coverage.
Attendees can engage with industry experts and thought leaders to discover innovative strategies and developments that are reshaping the future of risk management. From addressing coverage gaps in healthcare to harnessing technological advancements, this event guarantees valuable insights tailored to businesses of all sizes.
Key Highlights of the Event:
Collaborative approaches between captive insurers and commercial carriers
Strategies for improving risk management and reducing costs
Adaptation to changing regulatory frameworks
Facilitating market access for startups and managing general agents
Mitigating risks and addressing deficiencies for providers
Legislative updates and advancements in captive laws
Addressing cyber threats, ESG factors, and climate change impacts in risk management
2.7 Insurance Tech & Innovation Conference
Date: June 12-13, 2024
Venue: Chicago, USA
This insurtech event for corporates aims to explore innovative solutions for changing customer requirements, including enhanced experiences and engagement models such as chatbots/conversational bots and omnichannel support. Participants will have the opportunity to discover digital insurance disruption, leveraging analytics, blockchain, and cloud technologies. Additionally, the event will shed light on the transformative potential of AI/ML, IoT, and Big Data in insurance.
Key Highlights:
Attendees can learn about transformation through RPA, legacy modernization, automated compliance, and beyond.
They will also gain insight into charting their claims transformation roadmap by exploring virtual claims handling strategies.
Who Should Attend:
This event is tailored for leaders in the insurance sector seeking insights to propel their digital transformation journey forward. Attendees will include CIOs, CTOs, CEOs, VPs, directors, and managers across various roles within the insurance domain, such as brokers/agents, retail agents, claim adjusters, underwriters, actuaries, and more.
2.8 2024 Life Insurance & Annuity Conference
Date: April 15-17, 2024
Venue: San Antonio, TX
The 2024 Life Insurance & Annuity Conference will bring together industry executives to discuss leadership strategies and opportunities for growth in today's uncertain environment. The conference will explore ways to promote industry growth and expand insurance coverage. This event is hosted by conference partners LIMRA and LOMA, SOA, and the ACLI.
Attendees include professionals engaged in the development, operations, marketing, distribution, technology, or administration of life insurance products and annuities.
Distinguished Speakers
Brandon Carter, CLU, ChFC, CFP
Chairman and President, USAA Life Insurance Company
Jason O. Harris
Best-selling author, expert thought leader, and professional pilot
Event Highlights
Cross-functional learning opportunity
Comprehensive coverage of industry issues and future strategies
Expanded content, including financial crimes and compliance tracking
Strategic leadership discussions on handling uncertainty and identifying growth opportunities
Addressing challenges in creating value for shareholders and consumers
Meeting consumer demands and delivering personalized experiences
Focus on powering industry growth and extending insurance coverage
2.9 9th Annual Digital Transformation in Insurance Conference 2024
Date: May 22-23, 2024
Venue: London, UK
The Digital Transformation in Insurance Conference offers participants the chance to explore the newest advancements. They can obtain essential insights on utilizing digital tools to enhance client outreach, boost customer satisfaction, and achieve business success.
Attendees from leading insurance companies across the UK and Europe, including esteemed executives such as CIOs, CTOs, CEOs, and founders, alongside innovative insurtech firms, will convene at this event. The agenda includes a diverse range of session formats, including panels, presentations, case studies, and interactive Q&A sessions, addressing pertinent industry trends and issues.
Key Sessions
‘Putting the customer at the centre: Charting the trajectory of the insurance industry and strategies for achieving customer-centricity’ by Philippe Duban, Chief Operating Officer, AXA UK.
‘Fostering an engineering-led culture to foster innovation within your organization’ by Pankaj Kane, Chief Engineer, Admiral Group Plc.
‘Navigating the Digital Age: Cultivating a culture of continuous learning for organizational resilience’ by Ambros Scope, Head of Leadership and Future of Work, Zurich Insurance.
2.10 The Future of Insurance USA 2024
Date: May 15-16, 2024
Venue: Marriott Marquis Chicago, USA
This year, the Future of Insurance (FOI) USA conference will merge with Insurance AI & Innovative Tech USA, combining efforts to address both the strategic and practical aspects of overcoming critical challenges faced by businesses in the insurance sector.
Keynote Speakers
Pawan Verma, Global Chief Information Officer at MetLife
Sabine VanderLinden, Co-Founder & CEO, Alchemy Crew
Laura Olson, Chief Insurance Officer, Obie
Matteo Carbone, Founder & Director, IoT Insurance Observatory
Eric Marler, Head of Claims, Counterpart
Event Highlights
FOI USA will present a comprehensive playbook for achieving success with AI and transforming operational processes from inception to claim, thereby addressing costs and augmenting efficiency.
It will explore dynamic customer expectations, focusing on cohesive journeys, tailored products, and multi-channel distribution to foster trust and bolster loyalty.
The event will address disruptions by embracing a flexible business strategy, forging innovative partnerships, and nurturing a growth-oriented culture, ultimately enhancing resilience throughout the organization.
3. Summing Up
The year 2024 is set to be a pivotal time for professionals in the insurance software industry, with a series of significant events offering innovation, insights, and networking opportunities. These insurance software events in 2024 stand out as must-attend gatherings as they provide platforms for learning about emerging technologies, connecting with industry thought leaders, and exploring new strategies to address challenges in the insurance sector.
Participating in these events is essential for anyone aiming to stay at the forefront of insurance technology. Additionally, professionals can also explore the top procurement events of 2024 to ensure they don't miss out on key opportunities to engage with fellow professionals in the financial sector.
Read More
Financial Management, Payments
Article | July 10, 2023
Stay informed about industry trends at these procurement events in 2024. Seize invaluable opportunities at supply chain conferences and cultivate strategic connections for professional growth.
Contents
1. Introduction
1.1 World Procurement Congress 2024
1.2 ISM WORLD 2024
1.3 Gartner Supply Chain Symposium
1.4 3rd Annual 100 CPO Summit 2024
1.5 DPW Amsterdam
1.6 ProcureCon 2024
1.7 ProcureCon Indirect West 2024
1.8 Procurement Strategies & Innovation
1.9 4th World Digital Procurement Summit
1.10 Annual Smart Procurement World Indaba
2. Conclusion
1. Introduction
B2B procurement facilitates developing influential connections and utilizing advanced technologies, which are paramount for professionals seeking excellence. These procurement conferences in 2024 provide invaluable opportunities to stay well-informed about industry trends. They offer a unique procurement software platform where individuals can engage in meaningful discourse, exchange valuable experiences, and forge connections that may lead to strategic partnerships.
Additionally, these procurement events offer the chance to enhance one's skill set, draw inspiration from real-world case studies, and explore innovative solutions. This holistic approach empowers attendees to drive operational efficiency and maintain competitiveness. Eventually, the process contributes to the ongoing success of their organizations.
1.1 World Procurement Congress 2024
Date: May 14-16, 2024
Venue: Intercontinental London - The O2
World Procurement Congress, currently in its 18th year, has adeptly hosted more than 1100 Chief Procurement Officers and over 12,000 delegates. It remains an essential gathering for business leaders with a profound dedication to advancing the procurement function, cultivating future leaders, and promoting sustainable growth.
Key Objectives:
Creating procurement-enabled networks for innovation
Mapping global supply chains for resilience
Understanding AI-based procuretech
Assessing geopolitical changes in supply chains
Agenda:
This procurement event in 2024 spotlights the current status, forthcoming challenges, and promising opportunities. It also addresses ESG concerns by building transparent, socially responsible, and circular supply chains with a clear path to achieving net-zero emissions.
Who Should Attend:
Chief procurement officers
Excellence leaders
Digital leaders
Sustainability leaders
Solution providers
Category leaders
1.2 ISM WORLD 2024
Date: April 29 - May 1, 2024
Venue: MGM Grand Conference Center, Las Vegas
Over 2,000 procurement and supply chain professionals visiting the ISM World Annual Conference get a unique opportunity to connect with industry thought leaders and peers. Additionally, they engage with advanced learning and explore innovative products & solutions. The event encourages a mindset that challenges norms and embraces innovation. It offers an interactive design conducive to natural networking, practical education, and team building.
Featured Sessions:
April 29:
Women's Supply Management Community: Voice of the Emerging Leader
April 30:
The Future of Procurement: Leveraging GenAI for Competitive Advantage
6 Negotiation Strategies to Mitigate Procurement Challenges and Risks
Guest Speakers:
Matt Bromberg, CVP, Global Operations at Northrop Grumman
Kee Chang, SVP and Chief Procurement Officer at Qualcomm
Michael DeWitt, Vice President of Strategic Sourcing and Center of Excellence at Walmart International
Sheetal Gattani, Vice President, eProcurement Solutions and Analytics at Charter Communications
What Attendees Can Expect to Achieve:
This event offers executives a unique opportunity to expand their professional horizons. They can gain valuable insights into economic trends, geopolitical shifts, and effective growth strategies. Additionally, they learn about enhancing leadership capabilities and team cohesion.
Managers and Directors, meanwhile, will uncover research-driven trends and refine team dynamics. They can embrace procurement excellence principles and advance their leadership journeys through interaction with industry peers and professionals.
Budding professionals can maximize their potential by immersing themselves in profound learning experiences. They have the opportunity to establish valuable connections with suppliers, peers, and decision-makers, significantly advancing their careers.
1.3 Gartner Supply Chain Symposium
Date: May 6-8, 2024
Venue: Orlando, FL
Gartner Supply Chain Symposium/Xpo is imperative for Chief Supply Chain Officers and supply chain leaders. It offers them a chance to become a part of the community of experts, engage in interactive sessions, and share experiences. They can access the latest research to mitigate risks and strategize for long-term success effectively. This global procurement conference has been designed to provide pragmatic advice and future-focused insights for empowering supply chains.
Primary Goals:
Empower leaders to drive sustainable supply chain growth
Facilitate the pursuit of cost-saving opportunities
Aid in the alignment of supply chain strategies with broader business goals
Enhance supply chain resilience and agility
Support the implementation of global talent strategies
Enable the development of multiyear digital transformation roadmaps with an emphasis on ROI assessment
Speakers at a Glance:
Ian Bremmer, President and Founder at Eurasia Group
Haben Girma, Disability Rights Lawyer and Author
Shankar Vedantam, Journalist and Author at Hidden Brain Media
Tom Enright, VP Analyst at Gartner
1.4 3rd Annual 100 CPO Summit 2024
Date: November 7, 2024
Venue: Dubai, United Arab Emirates
The 3rd Annual 100 CPO Summit 2024, organized by 3novex Global, is a renowned B2B conference organizer with a strong presence in the United Arab Emirates and Malaysia. Industry leaders and executives worldwide are expected to attend this remarkable event.
Why Attend?
Tailored for Leaders: This event is designed for C-suite professionals in procurement, finance, supply chain management, purchasing, and sourcing. It aims to meet the specific needs of senior executives.
Comprehensive Experience: The summit offers a diverse range of services, including procurement events, interactive workshops, thought-provoking roundtable discussions, and engaging micro-events.
Stay Informed: 3novex Global's CPO Series ensures that professionals can remain up-to-date with the latest industry developments and alterations in the field of procurement through regular newsletters. This allows them to maintain a competitive edge and stay ahead.
Networking Opportunities: The event presents an excellent opportunity to connect with like-minded professionals, industry experts, and procurement technology providers. It is a great occasion to foster new partnerships and collaborations.
Growth and Success: Attendees can gain actionable strategies and best practices to facilitate the growth and success of their organizations' procurement departments.
1.5 DPW Amsterdam
Date: October 9-10, 2024
Venue: Beurs van Berlage
DPW Amsterdam Innovation Summit, hosted by the Dutch capital's Department of Public Works (DPW), is pivotal in accelerating innovation by fostering connections with dynamic startups. This global procurement summit brings together forward-thinking startups, industry disruptors, and corporate leaders. The event facilitates collaboration, ideation, and innovation in the heart of Amsterdam.
DPW Amsterdam, the most influential procurement technology event, accelerates innovation by facilitating connections. It unites startups, technology leaders, prominent corporations, and investors to address the most pressing challenges.
Highlights of the Session:
DPW Amsterdam is a globally renowned annual hybrid technology event focusing on technology in procurement and supply chain management.
It serves as the launchpad for digital procurement transformation and provides fresh insights to attendees at any stage of their journey.
DPW Amsterdam is a central hub for end-to-end digital transformation, fostering inspiration and insights within its diverse community.
This event unites diverse perspectives from founders, corporate leaders, investors, political figures, academic thought leaders, and emerging talent, catalyzing meaningful change.
1.6 ProcureCon 2024
Date: September 17-19, 2024
Venue: Hyatt Regency Barcelona Tower
ProcureCon Europe, organized by Worldwide Business Research, is a must-attend procurement gathering for procurement professionals, industry leaders, and solution providers throughout Europe.
Key Highlights:
This annual procurement event offers invaluable insights through thought leadership sessions, strategic networking opportunities, and innovative solution presentations.
Participants can engage in interactive workshops, gain knowledge from real-world case studies, and explore specialized tracks covering various topics such as digital transformation and sustainability.
With an exclusive procurement technology hub and executive roundtables, ProcureCon Europe is a dynamic platform for professionals to explore procurement and supply chain management, driving innovation and fostering strategic collaborations.
Why ProcureCon Stands out in the World of Procurement Events:
ProcureCon facilitates valuable benchmarking opportunities by gathering numerous CPOs and procurement leaders in one place.
This event transforms Barcelona into a prime networking hub for procurement professionals.
Its exclusive three-day procurement agenda is designed to confront and overcome purchasing challenges.
Featuring over 80 procurement leaders, ProcureCon delivers practical insights from industry pioneers.
1.7 ProcureCon Indirect West 2024
Date: March 11-13, 2024
Venue: JW Marriott Las Vegas Resort & Spa
ProcureCon has been pivotal in empowering companies to develop world-class sourcing programs for over two decades. It offers a dynamic blend of hands-on workshops, keynote presentations, and engaging networking sessions. The event serves as a valuable resource for achieving long-term sourcing success.
Distinguished Keynote Speakers for the Event Include:
Linda Chuan, Vice President and Chief Procurement Officer at Box
Mark Zafra, Head of Source to Pay (Chief of Procurement) at LiveRamp
Kathy Hess, Director of Indirect Procurement at The Estee Lauder Companies
Chuck Shehadi, Head of Procurement & Sourcing at Zoom Video Communications
Chuck Hatsis, Chief Procurement Officer at CME Group
Anna Hammons, Senior Procurement Director at Sam’s Club, among other notable presenters
Benefits for Attendees:
Participants can learn actionable strategies to conquer digital disruption and surpass savings goals.
Attendees can seize the opportunity to participate in an in-depth, strategic exploration of methods to enhance proficiency in indirect procurement.
Access substantive content while eliminating superficial elements.
Professionals can acquire valuable insights to strengthen supplier relationships, engage stakeholders, and satisfy senior leadership.
1.8 Procurement Strategies & Innovation
Date: March 5, 2024
Venue: De Vere Grand Connaught Rooms, Central London
Procurement Strategies & Innovation (PSI) is the latest iteration of the UK's long-standing technology showcase for procurement professionals, formerly known as eWorld Procurement & Supply. The event features a multi-stream, curated conference program emphasizing strategy, leadership, innovation, and real-world solutions. It aims to bridge the gap between current possibilities and a future vision with emerging developments in artificial intelligence, cryptocurrencies, and the metaverse.
Keynote Speakers:
Rachel Repper, Principal Consultant at Amazon Business
Fraser Woodhouse, Director at Deloitte Consulting UK
Lani Adebanjo, Global Head of Program Management, S2P at Meta
Suraj Naik, Chief Procurement Officer at Capita
The panel will offer unparalleled insights into the diverse technological strategies employed by their innovative organizations. Their guidance and inspiration will assist professionals in capitalizing on the growing prominence of procurement and delivering significant long-term value.
1.9 4th World Digital Procurement Summit
Date: March 14-15, 2024
Venue: Eurostars Berlin Hotel, Germany
This top procurement conference will center its discussions around advanced developments in cognitive technologies, implementing effective procurement strategies, the digital procurement ecosystem, and enhancing talent skillsets. Additionally, it will encompass supplier-centric approaches, advanced risk assessment methodologies, sustainable sourcing tools, procurement tools, and resilience planning.
Twin Goals for Enhanced Operations:
The event aims to achieve cost reduction and efficiency enhancement, to foster operational excellence and ensure uninterrupted business continuity.
Strategic Procurement Exchange at the Event Will:
Connect experts to exchange knowledge and insights, elevating procurement from tactical to strategic
Enhance business by sharing invaluable experiences and facilitating discussions on the latest procurement digitalization trends among experts from top global enterprises
Within The Framework of This Event, Participants Can:
Forge connections with industry leaders while discussing cost-effective procurement optimization techniques
Work collectively to devise solutions for advancing their businesses
Cultivate digital procurement skills during the event
Tackle immediate procurement challenges head-on
Embrace modernization in procurement through technology and strategic approaches, all while prioritizing sustainability and designing a comprehensive transformation plan
The Event's Guest List: Who Fits the Bill?
The upcoming B2B procurement event will address professionals from diverse industries, including Directors, VPs, Heads, Managers, and a range of Specialists who are involved in:
Procurement
Strategic Sourcing/Source to Contract
Transactional Procurement/Procure to Pay
Supplier Relationship Management
Contract Management
1.10 Annual Smart Procurement World Indaba
Date: September 9-12, 2024
Venue: Gallagher Convention Centre, Midrand
Annual Smart Procurement World Indaba is South Africa's biggest procurement event this year. It is an inbound supply chain management event that endeavors to redefine the procurement sphere by unpacking the critical balance between risk mitigation and innovation. It also provides a comprehensive roadmap for enhancing resilience. This top annual procurement gathering is relevant to both the private and public sectors. It serves as a pivotal platform for industry leaders, professionals, and experts to engage with the latest trends, innovations, and strategies shaping procurement and supply chain practices in the region.
Key Procurement Event Highlights:
Renowned for ranking among the top 100 in the logistics and transportation sector in South Africa
Acknowledged for the exceptional quality of participants in attendance
Distinguished by the diverse range of products showcased at the event
Anticipated turnout of approximately 500 delegates and the participation of 20 exhibitors, making it a substantial gathering within the industry
Who Should Attend:
Directors
Managing Directors
Procurement Managers
Managers
Chief Executive Officers
Some products and services to be presented at the Annual Smart Procurement World Indaba include Pandemic Recovery Strategies, among others. Meanwhile, the event will host around 121 speakers.
2. Conclusion
These B2B procurement events facilitate the establishment of influential networks and the adoption of innovative technologies, which are essential for professionals dedicated to achieving excellence. These must-attend procurement summits in 2024 serve as invaluable platforms for staying abreast of industry trends. These forums facilitate meaningful dialogues, sharing valuable experiences, and forming connections that have the potential to evolve into strategic partnerships.
Furthermore, these procurement events offer opportunities for skill enhancement, drawing inspiration from real-world case studies, and exploring innovative solutions. This comprehensive approach empowers attendees to drive operational efficiency, sustain competitiveness, and make significant contributions to the continued success of their organizations.
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Financial Management
Article | January 31, 2024
Discover next-generation procurement technologies by streamlining processes, automating tasks with precision, and exploring how procurement software empowers executives to redefine business strategy.
Contents
1. Introduction
2. Choosing Procurement Software: Types and Tips
3. Key Advantages of Procurement Software
4. Transformative Technologies Reshaping Procurement Practices
5. Procurement Software: Companies at the Forefront
6. Future Scope
1. Introduction
Innovative organizations are spearheading the revolution of procurement processes, leveraging advanced software solutions to drive this change. This shift is particularly significant in the digital era, highlighting the critical synergy between technology and procurement and drawing the attention of visionary leaders. These pioneers understand that using sophisticated procurement software is not merely a necessity, but a transformative step that significantly enhances operational efficiency and strategic agility. Central to this paradigm shift is the adoption of comprehensive procurement software.
These software applications empower executives to manage the procure-to-pay cycle with remarkable precision, redefining procurement's influence on overall business strategy. They streamline various processes, from purchasing materials and managing inventory to generating purchase orders and overseeing bills and payments. Crucially, procurement software identifies inventory shortages before they impact profitability, collects essential data to boost profits, and automates tasks related to purchase orders or cancellations, further cementing its pivotal role in reshaping the strategic corporate strategy.
2. Choosing Procurement Software: Types and Tips
Procurement encompasses a range of software options, with five prominent types dedicated to streamlining and improving different aspects of the process
Payable software automates bill tracking and payment schedules to ensure timely financial obligations.
Procure-to-Pay (P2P) software manages the procurement and payment cycle, focusing on efficiency and compliance.
Source-to-Pay (S2P) software aids in sourcing, negotiating, and contracting goods and services to drive business value and savings.
Purchasing software automates the procurement process, facilitating smarter, efficiency-driven purchasing decisions.
Request for Proposal (RFP) software streamlines proposal management, from template creation to tracking and signature collection.
Meanwhile, when evaluating procurement software, essential elements come into play
Begin by prioritizing a user-friendly interface for seamless adaptation and swift tool utilization, realizing its value sooner.
Next, delve into the importance of communication and collaboration features, facilitating procurement discussions and granting access to essential information.
Keep a watchful eye on the budget, which is made effortless by software offering financial insights, effectively mitigating overspending risks.
Additionally, adopt automation tools to enhance productivity and precision in procurement processes.
Ensure the cohesive integration of the selected software, including advanced procurement tools, with other indispensable resources within the organization.
Furthermore, underscore the significance of a well-planned implementation and adoption strategy, a pivotal factor in aligning with user needs and ensuring a successful digital procurement adoption that fully realizes the promised benefits.
3. Key Advantages of Procurement Software
Procurement software delivers many advantages, offering companies a significant strategic edge over those that rely on manual methods such as paper forms and Excel spreadsheets. Some of the primary benefits include the following
Increased efficiency
Automation of time-consuming procurement procedures
The ability for users to redirect their efforts toward more value-added tasks
Enhanced spend visibility through real-time data access
Cost savings achieved by reducing labor requirements
Promotion of wiser spending practices
Streamlining of the entire procurement process
Improvement of supplier relationships
Facilitation of early payment discounts
Minimization of errors associated with manual invoice reconciliation
Contribution to overall cost reduction
Enhancement of operational excellence
The adoption of procurement software proves to be instrumental in modernizing and optimizing procurement operations, translating into tangible benefits for organizations seeking to remain competitive and efficient.
4. Transformative Technologies Reshaping Procurement Practices
Procurement technologies are causing a profound disruption in established norms, ushering in transformative approaches to traditional practices. The current era witnesses a dynamic convergence of the most advanced and innovative technologies within the procurement domain. These technologies are not just revolutionizing, but fundamentally redefining the essence of procurement.
The top procurement technologies leading this transformation include
eProcurement platforms that act as comprehensive facilitators of purchasing processes, offering unparalleled efficiency and savings.
Spend analysis tools that illuminate spending patterns and identify cost-saving opportunities, while supplier management software streamlines supplier relations, cost management, and risk mitigation.
Strategic sourcing software that empowers businesses to make informed sourcing decisions, and electronic auction platforms that foster competitive pricing.
Contract Management Software (CMS) that simplifies and automates contract-related processes, enhancing supplier relationships and incorporating ESG and D&I provisions.
Supply Chain Management (SCM) software that provides an overarching view of supply chain operations, optimizing efficiency and informed decision-making. Procure-to-pay software that streamlines procurement and accounts payable.
Procurement performance analytics that guide informed decisions, along with integrated e-sourcing and e-contracting tools that offer an efficient and data-driven approach to procurement management.
5. Procurement Software: Companies at the Forefront
These strategic software applications are paving the way in modernizing procurement software, offering innovative solutions that streamline purchasing processes, enhance supplier relationships, and drive cost savings through automation, analytics, and digital transformation.
5.1 Soldo
Soldo is a pioneering financial services and software company specializing in expense management and procurement software. Its objective is to revolutionize corporate spending by eliminating personal outlays. By combining Soldo company cards with its expense management platform, users can avoid using their funds, eliminating the complications associated with missing receipts, and granting finance teams complete control over company expenditures. Soldo's primary objective is to alleviate teams' financial administrative burdens, empowering them with the necessary tools, time, and clarity to focus on their core objectives.
5.2 Payhawk
Payhawk, a leading provider of spend management solutions, combines a company card system with automated expense tracking, procurement software, and identification of potential overspending on subscription renewals. By gathering and analyzing receipts, invoices, card transactions, and procurement data, the company empowers businesses to maintain budget control without burdening their staff with paperwork. This user-friendly mobile app eliminates the need for manual expense reports, streamlining financial processes for employees and finance teams, fostering rapid scaling and enhanced operational efficiency.
5.3 Corpay
One Corpay, a global leader in business payments, provides a comprehensive suite of online payment solutions, encompassing bill payment, AP automation, cross-border payments, currency risk management, commercial card programs, and procurement software. It is a premier spend management solution for growing businesses, offering an efficient platform for managing business expenses, and a selection of credit cards. With versatile bookkeeping, streamlined vendor payments, and intelligent spend management, this all-in-one solution optimizes expenditure, accelerates earnings, and maximizes savings.
5.4 PayEm
PayEm enhances accountability, optimizes spending, and improves efficiency and cost reduction oversight. The platform automates tasks, reduces friction, and enhances the finance team's focus on strategic initiatives while offering real-time visibility for reporting and automation. It effectively replaces outdated systems by integrating a state-of-the-art payment platform with intelligent credit card solutions. This empowers finance teams in authorizing, monitoring, and overseeing vendors, subscriptions, and funding requests with real-time spending data synchronization with their ERP systems.
5.5 QorusDocs
QorusDocs is a distinguished AI-powered proposal management and procurement software provider catering to enterprise proposal and sales teams from renowned companies. Specializing in automating the creation of personalized, error-free RFP responses, winning bids, and efficient procurement processes, the company empowers revenue teams to accelerate production, increase win rates, and enhance deal velocity. With QorusDocs, organizations can create high-quality proposals, streamline procurement operations, and track engagement for more informed follow-ups.
5.6 Coupa
Coupa Software is a leading cloud-based platform for business spend and procurement management, offering organizations worldwide the essential visibility and control needed for informed and secure spending decisions. The Coupa platform consolidates spending and procurement, positioning enterprises for resilience and growth. Users can centralize and oversee requests, streamline accounts payable operations, integrate vendor management, and manage payments efficiently. Its seamless integration with ERP systems accelerates financial processes, ensures compliance, and enhances spending control, delivering quantifiable value beyond what an ERP system alone can provide.
5.7 BirchStreet Systems
BirchStreet Systems, a pioneering leader in the procure-to-pay SaaS sector, is entrusted by global enterprises as their preferred partner for advancing their growth trajectory, owing to its unrivaled insights, profound industry expertise, and comprehensive expenditure management tools. Collaborating with the largest players in the hospitality sector, BirchStreet equips procurement and finance divisions with the capability to translate technology into tangible, positive bottom-line outcomes. Its solutions are developed through extensive partnerships and intimate engagement with esteemed clientele, delivering actionable transparency and authoritative oversight of direct material expenditures, risk mitigation, and the optimization of workflow efficiencies.
5.8 Basware
Basware, a global enterprise specializing in automated finance and procurement solutions, empowers finance leaders within multinational corporations to streamline intricate invoice processes, boost operational efficiency, and reduce errors and risks. Renowned for its cutting-edge AP automation and invoicing platform, Basware caters to an array of industries, with a notable clientele who rely on its expertise to manage over 170 million invoices annually, resulting in up to a 60% reduction in AP process duration.
5.9 Airbase
Airbase, the preeminent procure-to-pay solution, integrates enterprise-grade capabilities with a user-friendly interface, simplifying purchasing processes, streamlining complex workflows, and ensuring widespread company-wide adoption. Offering intuitive and flexible intake, accounts payable automation, expense management, and corporate card solutions, Airbase empowers businesses to efficiently control spending, accelerate financial closings, and mitigate financial risks. At the same time, its guided procurement approach facilitates easy collaboration among employees and stakeholders, supporting spending compliance and fostering financial control and efficiency.
5.10 Procure
Procurify's Intelligent Spend Management platform, complemented by its advanced procurement software, empowers organizations worldwide with an easily operated tool for real-time monitoring and command of their business expenditures. It elevates the precision of spending data to curtail unauthorized spending and rework proactively. This procure-to-pay solution orchestrates the shift from reactive cost management to a proactive, profit-maximizing operation, stimulating strategic dialogues that directly impact organizational growth and financial health.
6. Future Scope
Visionary corporate executives are at the forefront of a profound transformation, strategically adopting software solutions that integrate machine learning while leveraging AI in procurement software. This integration enhances analytical capabilities, enables predictive insights, and automates routine tasks.
The future of innovative software strategies in procurement envisions a scenario where advanced analytics drive strategic decision-making, cultivating unparalleled agility and resilience within supply chain operations. Emerging procurement software trends emphasize sustainability and ethical considerations, leveraging software to validate supplier sustainability credentials and align procurement with broader corporate responsibility objectives. These pioneering efforts offer increased interoperability, data-driven decision-making, and a redefined role for procurement within overall business strategy.
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