A recent report published by Raconteur.net in association with the Chartered Institute of Procurement and Supply explored the current and future use of procurement technologies and the top opportunities and barriers. The report emphasizes that business executives are realizing that procurement is no longer simply a cost-cutting function and can deliver real value through the correct approach and technology investment. Separate research by the Hackett Group found that 95% of procurement leaders believe that digital technology will fundamentally transform the way procurement functions within the next two to three years. The study reveals that executives expect the adoption of emerging technologies, such as big data, artificial intelligence, robotic process automation, and blockchain to increase.
Below is an infographic of the key highlights from these studies: