Procurement is a function that is at the tipping point of major digital transformation. Many procurement organizations have begun their journey towards smarter solutions & processes to support the procurement process (S2P/P2P). During this transformational period, some choose the route of evolution, whilst others turn to revolutionary solutions. This raises the question…
Are you really taking advantage of technology to automate supplier management activities?
Just 3 years ago, Bain & Company reported that more than 60% of procurement teams have no tools or rely primarily on improvised systems using Microsoft Office. For risk management, stakeholder management, category management, and information sharing, that figure rises to more than 70%. (Bain & Company 2018).
Still today, the adoption of modern technology for Supplier Management (SIM, SRM, SPM, risk & collaboration) remains lower than other procurement disciplines. Budget, priorities, stakeholder demands, and more factors play into this equation, but it’s time that we start looking at the possibilities instead of the obstacles.
It’s time to Buy smarter, not work harder!
