Last year, procurement organizations as a whole and Chief Procurement Officers (“CPOs”) in particular frequently find themselves in the untenable position of having to enhance their performance while maintaining the resources that they currently have. Many have reached a plateau in their performance, and are hard pressed to overcome such plateaus without an infusion of fresh staff and/or talent into their ranks. But this alone cannot propel CPOs and procurement teams over the obstacles that lay before them.
New and improved technology solutions that automate the Source -To -Settle process can be true game changers for understaffed and overwhelmed procurement organizations. Conversely, the lack of automation across core process areas, in this day and age, leaves CPOs and procurement organizations susceptible to the failures of the past and constrains each group’s ability to gain and maintain credibility and optimize operations and performance.
As CPOs and procurement practitioners prepare for 2016, they have the need and the capability for advanced technology solutions to automate and link the source-to-settle process –upstream, strategic sourcing and downstream, procure-to-pay (P2P).
In the context of strategic sourcing, fully-automated solution suites can perform much more of the heavy lifting for procurement teams that often find themselves swimming in data, processes, and tasks. The solutions help to make processes scalable and repeatable, and allow procurement teams to focus more on strategic planning and improvements.
As business leaders prepare for 2016, a majority of CPOs understand that technology is a path forward for them, their organizations, and their enterprises –One that leads to enhanced performance. Procurement teams simply cannot operate with the same resources and be expected to deliver ever-increasing value to the enterprise. They will need an infusion of fresh talent, process alignment, and technology solutions to propel themselves and the enterprise to the next level of performance.
To know more on how latest technologies can benefit your organization, read the latest report by Ardent Partners- CPO Game Changer Series Volume 2: New and Improved Technology today.