Till now, we spoke about how organizations trying to bring about procurement transformation should take a long term view of its systems, people, and process. We discussed the procurement architecture, focusing on four procurement solutions. (Click here for part 1 and part 2 )
Let us now talk about the other three procurement solutions.
- eProcurement – this solution has seen significant innovation in recent years with the rise of cloud solutions, improved integration, and usability. When well-deployed and adopted with a supplier enablement program, eProcurement solution can deliver a powerful return on investment.
- ePayables (AP Automation) – more and more organizations are getting aware about the opportunity that exists within their AP departments. They are looking at automating the function by deploying ePayables solutions and eventually, join procurement and AP processes and systems for comprehensive P2P coverage.
- Procurement performance and Financial saving management – for procurement to truly rise within the organization, its success must be understood and validated by top executives and key stakeholders. This makes it incumbent for procurement to have a methodology and systems that can track and communicate the department’s performance to the larger organization.
Organizations that can craft the right blueprint and establish the right foundation increase the speed and impact of a procurement transformation.
Taking the procurement transformation series further, we will soon start with a blog series on how to build a business case and develop an implementation plan for procurement transformation program.
