Procurement Transformation with Digital
“The first step in getting what you want is to have the courage to get rid of what you don’t” goes a quote. A recent MIT Sloan Review titled “Implement First, Ask Questions Later (or Not at All)”, states that across industries there is broad consensus that opportunities to reduce costs and digitally transform are the biggest factors behind the shift to a more rapid implementation.
The procurement organization is seeing rapid advancement in the shift to digital disruptive technologies in its objective to bring down costs as well as support top-line growth. Industry 4.0 cannot happen without Procurement 4.0. According to some research, fully automated procurement function could save Global 5000 up-to $86 billion annually led by procurement headcount savings, reduction in cycle time to process, early payment discounts, risk reduction, and better visibility.
Here are some of the new digital trends in procurement that large enterprises are carefully evaluating and adopting: