Founder at DPW
The amount of valuable data in procurement continues to expand and standard software solutions may not be sufficient to fully leverage its potential.
As demand for better procurement tools grows, so does the supply of advanced SaaS solutions on the market.
To achieve progressive results in Procurement, it is essential to maximise the efficient and effective use of data, as well as keeping abreast of emerging technologies and integrating them into processes.
It is crucial to have a clear understanding of the organisations needs to ensure that the right tools and strategies are employed.
The procurement process remains largely unchanged, but with the help of digital capabilities, it has become much more efficient.
Incorporating digital technologies in the procurement function enhances strategic sourcing by making it more predictive, automates transactional procurement, enables proactive supplier management, and ultimately, makes procurement more intelligent.
Procurement has traditionally excelled in negotiating, building relationships, and finalising deals, but now more than ever, procurement must also be analytical.
Digital technologies allow for more data-driven decision-making, enabling procurement to base their decisions on a more analytical foundation.
The demands on procurement organisations today are markedly different to those placed on the function as 20 years ago. Then the main expectation was that it would deliver cost savings. There was little talk of broadening that scope.
Today we have disruption and you can only really deal with these challenges if you’ve digitised your processes. You need to be able to respond quickly to what’s happening outside. You can’t do that on a spreadsheet. (Source: DPW Innovation Lab)
The fast-paced dynamics of the industry make continuous changes inevitable, particularly when it comes to technology tools.
The successful implementation of digital technologies in procurement is dependent on the readiness of the procurement process, people, and technology.
This requires organisational changes to be made to ensure that all necessary components are aligned and prepared for the adoption of these technologies.
There are several resources we suggest to follow on development of Procurement digital technologies:
DPW has become procurement’s largest technology community. An unrivalled global meeting place for the world’s most disruptive technology companies and those interested in how that disruption can transform their businesses. DPW’s annual flagship conference in Amsterdam has grown from 450 attendees to over 5,000 from more than 90 countries.
DPW’s annual flagship conference in Amsterdam
ProcureTech is a home to the ProcureTech100. Curated annually with Kearney, the ProcureTech100 are the 100 pioneering digital procurement solutions super charging the enterprise. The ProcureTech platform is the one place that unites and energises the whole digital procurement ecosystem, to build the digital future of procurement. The future altogether. We are all in. Join us.
Spend Matters started as the first blog and social media site in the procurement and supply chain sector and has since grown into the leading source for data-backed technology and solutions intelligence. Serving private and public sector organizations, consultants, private equity, and services and solution providers, Spend Matters drives strategic technology purchasing decisions and superior marketing, product, sales and investment outcomes for clients.
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