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 procurement organization has been largely left behind in the digital revolution. That needs to change, fast.

Next generation digital procurement

The future of Digital Procurement

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What makes an effective digital procurement strategy?

Data

Data sourced from outside, as well as inside, the organization to inform not just “what” was purchased and at what price, but “why” it was purchased.

Technology toolbox

Making sense of data and providing advanced support requires the right technology—especially AI, natural language processing, analytics and bots.

Intuitive user experience

Intuitive user experiences will encourage stakeholders to use the online procurement tools.

Skills and talent

Generating true value requires a cross-functional team, from data scientists and AI specialists, category experts and IT & design professionals.

Policies and procedures

A review of policies and procedures is needed, along with an updated operating model, to ensure everyone understands new responsibilities.

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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.

1.0

Recording why decisions are made about transaction processing; the context within your own universe of data

2.0

Recording data and transactions through use of eProcurement technologies; digital process management

3.0

Operate and interact with information outside your own data ecosystem; intelligent capabilities guide business decisions, not transactions

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.

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Next generation digital procurement

The procurement organization has been largely left behind in the digital revolution. That needs to change.

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Next generation digital procurement

While many businesses have embraced eProcurement systems and cloud-based tools, digital procurement demands more than that.

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