Embrace digitalisation and ensure your organisations business model allows for open innovation.
There are several key considerations that are incorporated as part of the digital procurement journey, including:
- Focus on Procurement has evolved from transactional management to strategic sourcing, with the help of new technological tools, procurement can drive new innovative business models
- The transformation to digital procurement is not a simple one, there are often significant challenges and obstacles that must be overcome
- To effectively transform, procurement needs to have a clear understanding of what their digitalisation needs look like
- Success in the digital procurement space requires strong infrastructure, a technology partner ecosystem and a business model that encourages innovation can be very beneficial
- The automation of simple processes can allow the people in the procurement teams to better focus on value-adding activities
- To evaluate the success of digital procurement integration, strong procurement performance management is essential it can elevate the value of procurement by bringing a number of benefits
By 2025, 20% of procurement employees will be data experts, and 70% of savings will be generated by data analytics.
A typical RPA can be automated in six weeks and deliver an in-year return on investment of more than 300%.