Addressing the Digital Transformation Mandate: A Procurement Perspective
What if Jarvis from Iron Man was real, wouldn’t you want an assistant like that, the one that can help you with your day to day mundane task without complaining and give you the best possible result.
Although it seems slightly far-fetched, but not impossible. The world that we once knew is rapidly changing and few latest trends are sure marking a beginning to a new era of technology.
For starters Iphone has just launched the face recognition feature with IphoneX, the phone can now recognise your face and unlock itself. Millennials today can’t imagine a world where phones did not have a camera feature. In fact almost all social media platforms have the AI to recognise your face from your picture. With the new generation being more and more familiar with technology, the digital business tools are converging with employees and consumers who are increasingly comfortable with new mobile technologies and business models.
A lot has been said about “digital transformation in procurement”, the latest The Hackett Group report states that the world class procurement organisations work at 22% less labour cost than their peers. Typical purchase to pay organisations can reduce procurement process cost up to 24% by implementing robotic process automation, artificial intelligence, advanced analytics and other digital transformation approaches.
In such a scenario, a smart procurement organization needs to up their game to stay relevant. Technology alone will not deliver results, there has to be a larger strategy, a service delivery model which will not just look at technology but even at information, talent and organizational redesign.
With this let’s see what digital transformation really involves and how procurement can get on board? According to Amy Fong from The Hackett Group, there are four things that one can look at – improving stakeholder experience, orchestrating procurement as a service portfolio, setting a foundation for insight driven analysis and technology usage to accelerate transformation.
Now how can one go about doing that?
Firstly to improve stakeholder experience an omni-channel can be created to procure goods and services from anywhere, while giving real time status for the same. Similarly a balance portfolio of sourcing and P2P service offering is necessary, to build the procurement as a service portfolio. Insightful analytics can be achieved by creating a centre for excellence and using predictive forecasting to soften risk. And to finally achieve complete transformation, find the best mix of suite and niche solutions.
To shed some more light on procurement’s digital transformation, Zycus will be joined by Constantine Limberakis , Senior Research Director and Christopher Sawchuk, Principal and Global Procurement Advisory Practice Leader, The Hackett Group for a discussion grounded on research based insights. Topics to be covered during this 60 defining what digital transformation can mean for procurement
- 4 key priorities noted by organizations looking for transformation
- The value digital transformation can provide
- 5 Pillars for taking on the digital transformation mandate
[ Complementary Webinar] Time and Date – 12th December, Tuesday, 2017, 11AM ET
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