Procurement’s Digital Transformation
Disruption is on today’s menu!
Technology has disrupted nearly every industry in beneficial and sometimes unexpected ways, and it often influences a business from many angles. In procurement, technology is creating two streams of change. There is an upstream of strategic nature and a downstream of operational value. Both streams are essential to procurement transformation and success, but the way that technology fits into these areas is depends on the details.
Procurement Specialists working on it!
From the strategy standpoint, technology can be deployed in the form of analysis or crowdsourcing. Procurement analytics are especially helpful in understanding the functionality and flow of procurement activities from a big picture point of view. Analyzing spend, negotiations and other aspects of the process from research to delivery gives procurement specialists the room to identify inefficiencies and improve processes.
Technology also greatly opens a world of crowdsourcing. When the supplier pool is global, procurement departments have a better chance of fulfilling supplier diversity and optimizing spend. These broad resolutions have a blanket effect across procurement and other business departments, implementing a larger range of change.
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