Procurement Digitization: The need of the hour?
Cost savings remain important, but years of COVID uncertainty and supply chain disruptions have highlighted the need for procurement to go beyond supply risk mitigation strategies and embrace full end-to-end process and data visibility.
Before 2020, procurement primarily focused on ensuring that buyers received products, materials, services, and supplies on time, in the right quantity and quality, and from the right supplier. Now the expectations of procurement have changed - significantly.
Being able to answer the business’ questions requires robust data processes, including capture, analysis, and predictive capabilities (when possible).
In this paper, created in partnership with the team at Consus Global, we consider how perspectives on procurement digitization have changed, why investments in digital procurement platforms are investments in the company itself, and what additional opportunities may reveal themselves as the change journey continues.
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