Digital Procurement: An eye for the future

The role of procurement has dramatically evolved with the arrival of digital. From being a primary source of cost savings, procurement can now potentially be a strategic differentiator for competitive advantage. Continuing to run archaic procurement processes can stunt growth and prevent organizations from pivoting to the new—whether that’s selling new products, approaching new customers or adopting new business models. The next natural step then is to build a digitally powered procurement function to enhance visibility and tracking, reduce cycle time by automating transactional activities, enable data-driven decisions and, most importantly, improve user experience for all stakeholders. The big question is: Are Indian organizations ready to reinvent their procurement function? In this article, we recommend five strategic imperatives that’ll equip them to foster next-gen digital procurement.