Next Generation Digital Procurement

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 to go digital?” but “when?”

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

With digital, bots will automate and streamline manual, routine procurement tasks. Buying agents and advisors are expected to help people make the best purchasing decisions, delivering optimal value to the business.

And 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.

Discover The Five Key Factors for Success

• 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 intelligent 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 & Talent: Generating true value requires a cross-functional team of people from data scientists and AI specialists, category experts and IT and design professionals.
• Policies & Procedures: A review of policies and procedures is needed, along with an updated operating model, to ensure everyone understands new responsibilities.