February 20, 2019
Implementing strategic sourcing with emerging technology
By: Steve Schuman

Creating value in procurement with emerging technologies

As a senior procurement executive, you are constantly searching for opportunities to reduce costs, improve lead times, and support your organization’s sales and profit margins.

A recent survey of chief procurement officers (CPO) identified three major initiatives: adding value to the organization, mitigating risks and introducing technology.

At a recent business meeting, the senior executives of the sales and marketing departments commented on the need to reduce the time to market for customers’ requests for products and services. In addition, your chief technology officer (CTO) shared with you a new survey regarding blockchain, artificial intelligence (AI), and robotic process automation (RPA) and their potential impact on procurement.

These technologies fit into the organization’s strategic plan to achieve Procurement 4.0, and you have decided to implement a digital procurement strategy utilizing emerging technologies.

Take a moment and think about the following:

  • Does your organization have difficulty meeting its customers’ requests for product customization on short notice to meet the organization’s sales and profit goals?

  • Does planning and manufacturing request procurement to deliver components and materials on short notice for customized products?

  • Do your suppliers and supply chain partners have the technology, skills and knowledge to participate in a digital procurement strategy?

  • Does procurement have real-time data and information to make informed decisions from purchase order to goods receipt to accounts payable?

  • Does your organization have the confidence that all transactions are secure, confidential and authentic?

  • Does your organization manually validate all receipts prior to releasing funds to settle supplier accounts?

Is it important for your organization to deliver customized products and services in the shortest lead times and commodity items at the lowest cost and on time? Do you want to reduce cycle times in the procurement process and automate repetitive procurement tasks? The Accenture Academy courses The Concepts of a Digital Procurement Sourcing Strategy, The Impact of Digital Procurement Strategies on Profit and Loss, The Impact of Digital Procurement Strategies on Compliance, Security, and Privacy, and The Internal and External Impacts of Digital Procurement Strategies will provide you with the necessary information you need to evaluate the requirements of a digital procurement strategy and ensure that they meet your organization’s needs and infrastructure capability.

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