Why digital procurement and why now?
A truly digital procurement organization does many things that benefit the business.
Digital procurement automates repeatable tasks to boost efficiency and reduce costs; it equips stakeholders across the business with real-time insights and analytics through artificial intelligence (AI) and easy-to-use online tools; it deploys new and smarter ways to infuse data models to enrich day-to-day operations and decision making.
Furthermore, it transforms buyer interactions with suppliers and other third parties by serving as a platform for new levels of collaboration.
The question is not “why go digital?” but “when?”
The evolution of digital procurement
Digitizing procurement is just the first step in an ongoing journey.
In the next two to four years, we’ll see the further evolution to next generation digital procurement, where data from outside a business’s own ecosystem will provide even more advanced decision making.
It’s imperative that organizations start their digital procurement journey now to ensure they’re not left behind in the race for competitive advantage.
Drive growth through digital procurement
The procurement organization has been largely left behind in the digital revolution.
That needs to change.
With digital procurement, bots will automate and streamline manual, routine procurement tasks; buying agents and advisors will help people make the best purchasing decisions, delivering optimal value to the business. The familiar frustrations surrounding procurement today will give way to a simple and intuitive buying experience that users will enthusiastically embrace.
This is possible. This is the future. And it starts now.