Digitisation has led to the exponential growth of data, which will empower strategic decision-making when harnessed correctly.
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
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.
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.
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.
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.
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.
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.
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.
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.
57% of procurement leaders are still entering supplier data manually. That’s three out of every five procurement leaders.
The global procurement software (digital) market is expected to grow at a compound annual growth rate of 10.2% by 2025
The average ROI when deploying RPA is 250%.
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.
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.
63% of respondents reported that their sustainable procurement initiatives have helped them build the supply chain resilience needed to endure the COVID-19 pandemic
83% have suffered reputational damage because of supply chain problems
84% of survey respondents believe that they lack a truly effective Information Technology Asset Management (ITAM) initiative in their organization
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.
Leading procurement organizations deliver 60% higher returns on assets invested in procurement, with significant benefits to the bottom line and reduced supply chain risks.
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!
An insight into risk compliance, components of ‘trust’, GenAI in procurement, with Certa's CEO
Podcast picks for procurement evangelists!
Companies are prioritising digital transformation - what about digital CX?
Looking for some summer reads? Here are the ProcureTechSTARS' recommendations!
Future-proofing digital transformation
Bringing the powers of human intelligence and AI together
You want the funding, but where do you position yourself? Uncovered in Part 2
In Part 1, we unpick how you can stand out from the crowd and raise...
Procurement’s value chain
RapidRatings' CEO discusses its mission to provide financial health transparency between partnering businesses
Insights from the latest US Procuretech Founders’ Circles.
A conversation with Zumen's Founder into Comprehensive Source to Contract Software
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