The future of procurement is waiting. Getting there takes change
It used to be clear cut. Procurement organizations were expected to deliver cost savings in sourcing and purchasing. But today their scope of responsibility has expanded well beyond this. 90% of chief procurement officers say that their organizations are under extreme pressure to extend innovation. This statistic would have been unheard of a decade ago.
But it is difficult to get there without the right operating model that provides access to right data, insights, technology and talent. The data that supports real-time decision making is often trapped in pockets across the business. It can be hard to know what technology tools to invest in and when. And funding shortages hinder the promise of transformation.
From managing spend to unleashing value
Procurement can fully embrace the promise of transformation and become truly data driven with closed loop spend management (CLSM).
CLSM is a new, data-driven operating model for managing the source-to-pay lifecycle that targets indirect and direct costs for meaningful and sustained transformation. Powered by digital, data and AI, CLSM systemizes and infuses bold ways of working across the procurement function. It makes Procurement more efficient, resilient and agile. And the method is grounded in responsibility to the environment and suppliers—always aligned with the business strategy.
The sustainable savings that companies can realize with CLSM speak for themselves.
Broader scope. Bolder moves. Breakthrough outcomes.
There are clear benefits that come from CLSM model in procurement. Think of it like a ripple effect of change running from reducing costs to driving topline growth.
How to get from here to there
The journey to CLSM is different for every procurement organization. That’s why there’s a highly flexible approach that moves along three critical phases.
Change begins today
Now more than ever, the business needs Procurement to get the basics right and help drive topline growth. With CLSM, a data-driven operating model for managing the source-to-pay lifecycle that targets indirect and direct costs, Procurement can go beyond simply managing spend and unleash breakthrough value to help the business thrive.
Achieving breakthrough value
Clients tap into our unmatched skills, assets and capabilities to deliver sensible and sustainable savings that help drive digital transformation and new growth.