Despite the highs and lows of 2021, demand continued to grow for digital procurement.
There were some big 2021 moments that mattered, ranging from significant funding rounds, to acquisitions and partnerships, all amplified by quotes and statistics that defined 2021.
2021 Defining Quotes
Digitisation has led to the exponential growth of data, which will empower strategic decision-making when harnessed correctly.
Per Angusta – Leveraging performance management to elevate the strategic value of procurement
By allowing digital technologies to simplify some of the more time- consuming, lower value tasks (like sifting through loads of raw data), procurement teams will be better placed to execute higher quality transactions with greater consistency than ever before
Datapred on digital procurement and technologies
There are endless possibilities with AI. CPOs who wish to get the maximum benefit from AI, such as analytical insights, need to completely reimagine their processes.
Sievo – AI in Procurement
Organizations that have invested heavily in digital systems but still rely on paper transactions are left with end-to-end processes that are totally disjointed. Your best bet for fast relief is to go fully digital. As a result, delays, risks, and costs will be significantly reduced while the user experience will be greatly enhanced.
DocuSign eBook – The digital procurement guide: How to streamline processes and cost with a fully digital solution
As more procurement departments integrate more technologies to streamline business operations, gaining rapid visibility into new risks that can impact the interconnected IT ecosystem can reduce the likelihood of a data security event while protecting corporate, customer, and vendor data.
SecurityScorecard – What’s the Role of Cybersecurity in Procurement?
Regarding supply chains, governing practices need to be updated and digitised to cope with this as it is unlikely to return to what it was previously, meaning new ways of working will need to be adopted.
Brooklyn Vendor Assurance – Whitepaper: The Challenges of Supplier Consolidation and how to Overcome them
Over the next five to ten years digital transformation is going to be a necessity to stay competitive, and autonomous procurement is what that future looks like.
JAGGAER: A Practical Guide to Autonomous Procurement – Building the Future You Want to See
The path forward in procurement highlights the use of automation, supporting the direction of a ‘digital transformation’. In the future and on a global basis invoices will be connected to the payment process.
Zycus – Navigating the Path to AP and Financial Excellence Through Artificial Intelligence
Supplier relationships within Procurement are essential, including communication, honesty and trust. These are the foundations of a strong supplier relationship which help to build high-performing strategic supply partnerships.
Procurious – The Little Things that Affect Supplier Relationships
If CPOs are going to drive transformative, sustainable change, they need to think holistically and consider three elements together and separately: process, people and technology.
GEP: Digital Procurement Transformation 101. The Human Factor in the Momentum for Change
2021 Defining Statistics
57% of procurement leaders are still entering supplier data manually. That’s three out of every five procurement leaders.
TealBook – On Solid Ground: Building the data foundation for agile Procurement
The global procurement software (digital) market is expected to grow at a compound annual growth rate of 10.2% by 2025
Per Angusta – Leveraging performance management to elevate the strategic value of procurement
The average ROI when deploying RPA is 250%.
Automation Anywhere – Now and Next: State of RPA Report
46% of Procurement Leaders believed that lack of data integration between business systems is the biggest barrier to adopt and apply digital technology within their procurement organizations.
Kodiak Hub – Data: Changing Procurement as we know it
Don’t think that AI can guarantee 100% accuracy.
No technology can guarantee perfection. It can get close, but nothing will ever be 100%. That’s why having human input combined with AI is the future.
JAGGAER A Practical Guide to Autonomous Procurement – Building the Future You Want to See
63% of respondents reported that their sustainable procurement initiatives have helped them build the supply chain resilience needed to endure the COVID-19 pandemic
EcoVadis Sustainable Procurement barometer 2021 findings: Key findings
83% have suffered reputational damage because of supply chain problems
Interos Annual Global Supply Chain Report
84% of survey respondents believe that they lack a truly effective Information Technology Asset Management (ITAM) initiative in their organization
Deloitte – IT Asset Management (ITAM) Global Survey 2021
Organizations have had mixed success in process automation – Nearly 4 in 10 (37%) executives say that most or all of their procurement processes are manual.
SAP Ariba and Oxford Economics – Procurement-powered performance: How digital transformation is elevating Procurement
Leading procurement organizations deliver 60% higher returns on assets invested in procurement, with significant benefits to the bottom line and reduced supply chain risks.
Kearney – The future of procurement
2021 News
Interos became a female-led tech unicorn back raising $100m in Series C funding
Supplier data platform TealBook raised $50m in Series B funding which will help propel its growth, enhance its platform and expand the team
ContractPodAi, the leader in contract lifecycle management, announced its Series C funding round raised $115m to shape digital transformation in the Legal industry
Mirakl announced it achieved an astonishing $555m in Series E funding, which will be reinvested in its technology, expertise and partner ecosystem
Microsoft acquired Suplari to strengthen business insight for finance and procurement leaders
Circulor and Jaguar Land Rover teamed up to provide transparency on its leather goods throughout its supply chain
Legal tech start-up Definely, which uses AI, secured a £2.2m seed investment with backing from Microsoft’s venture arm, M12
Kearney partner and Digital Procurement futurist Dr Elouise Epstein released her book – Trade wars, pandemic, and chaos: How digital procurement enables business success in a disordered world
Irish fintech Glantus secured its IPO and floated onto the London Stock Exchange
Celonis raised $1bn making it New York’s (and Germany’s 🇩🇪) most valuable start up!
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