How to reimagine your digital procurement strategy

How to reimagine your digital procurement strategy

The procurement function is undergoing monumental changes. The impact of new technologies and digitalisation are tearing down the pillars that have been at the core of this vital function for the past 30 years. Today, organisations need procurement to be more than just a savings machine, expecting it to embrace new ways of engaging with the business and collaborating with suppliers. However, most procurement organisations are so intently focused on the day-to-day activity, the ability to transform is an unrealised opportunity. 

CPOs, CFOs and CEOs need to know that their procurement teams can continuously drive new value fully aligned to the company strategy, are able to track that value to the bottom-line and be assured that procurement has the tools and capabilities to meet the ever-increasing complexity of the markets of the future. While Hackett estimates cost reductions through enhanced procurement digital skills to be around 29%, further research has also proven that 68% global organizations cite outdated technology as a significant pain point for procurement (which further stresses on the need for an overhaul of digitalisation strategies). 

This webinar, in partnership with Zycus, will discuss how to define and deploy the digital roadmap for procurement. And will discuss that while digitalisation of the function is revolutionary, the path towards that ‘digitally enabled future’ is likely to proceed along some well-established paths and pointed strategies surrounding a disruptive mindset, enhanced agility, smarter analytics capabilities and increased risk awareness.

The main areas of discussion will be:

  • Predictive & data analytics

  • Initial placement of artificial intelligence

  • Understanding audits, minimising risk, improving sustainability through trends unearthed by big data

  • Are Purchase to Pay (P2P), Source to Contract (S2C) and Supplier Relationship Management (SRM) the procurement holy grail of digitalisation?

  • Navigating the digital cultural shift through the right strategies

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