Aug 01, 2018

The Importance of Technology in Driving Procurement Forward

A recent report published by 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:

“Digital procurement transformation requires best-in-class technology that is unified from source to pay, to leverage efficiencies, insights and value from a common process, user experience, and data set. Using separate tools or common ‘platforms” that are not unified just builds inefficiency into processes, limits the value of the data and does not provide the insights that high-performing teams need to succeed.” ~Jamie Ogilvie-Smals, vice president of consulting at GEP