Will teams finally embrace digital change?
When it comes to making procurement the best it can be, these are the topics corporates, VCs and digital solutions agree on.
Mintec’s whitepaper considers the ‘Big 7’ issues CPOs should move to the top of their agendas, to help procurement become more efficient and supported.
‘Data is essential, and it is the currency for global business.’ Mintec
What are ‘The Big 7’?
- Digital Strategy and Implementation
- Supply Chain Risk/Resiliency
- Job Security and the Talent Wars
- Supplier Relationships
- Data Modernisation
- Diversity and ESG
These topics have been discussed by multiple names in the digital space, as the importance of procurement and the need for a stable supply chain grows further.
At past Procuretech Founders’ Circles, corporates, VCs and digital solutions have all expressed the same thoughts of wanting to better act on ESG – an advancement that starts in the supply chain. The 2022 ProcureTech100 share similar views too, predicting that sustainability will be a critical focus for procurement in 2023.
It’s widely known that automating mundane tasks enables teams to focus on strategic activities, such as data analysis, risk assessment and risk management. However, teams need to achieve balance when it comes to change: too much at once can prove challenging, resentment to the changes can quickly build, and inefficiencies can be caused by the slow integration of such tools into procurement processes.
Fortunately, the outlook for digitalisation looks encouraging.
‘97.2% of business executives say their organisations are investing in big data and AI projects.’ Mintec
What will investing in big data and AI achieve? These investments will help companies build out their tech stack and capabilities, when it comes to preventing disruption in their procurement function. For instance, they can implement tools and gather data that can foresee global disruption – thus predict the impact on their supply chain – providing the information the CPO and their team need to take action.
As a result, teams can use data to their advantage, to ensure resilience and deploy more accurate, sophisticated ways to navigate disruption.