In our previous post we discussed at how certain issues still surface in the European Procurement Landscape. Today, let’s look at how Procurement Leaders and CPOs tackle the problems in hand.
As per a recent survey by Ardent Partners, Over 50% of 300+ CPOs prioritize technology adoption as a key strategy to propel procurement performance. A few strategies that CPOs accept globally are:
Let’s look at the strategies as depicted in the picture above:
Early engagement is a task that needs to be incorporated within the procurement process and most teams today do. The process can only be made better with time and with dedicated department wise procurement managers for the internal functions.
Honing the procurement staff’s skill set is a key enabler to the team’s success. CPOs must engage their staff to train for certifications and get the best out of their talent. If we look closely, the procurement team’s talent is well tied to effective communication and execution of processes. Thus, engaging the team to take up the next step aids in bringing efficiency across the team coupled with growth in individual talents.
It is a proven fact that; procurement teams that have successfully deployed supply management solutions see higher returns as compared to the other functional teams in the organization. With the advanced solutions today becoming more easy to use/deploy and affordable; CPOs can clearly see the need for automation in the source-to-settle process. The solutions not only aid in integrating the upstream (strategic sourcing) and downstream (procure-to-pay) processes but also allow procurement teams to focus more on the strategic planning and process improvements.
Interlinking upstream and downstream processes with a fully integrated source-to-settle suite magnifies the impact over the entire procurement spectrum. CPOs should consider technology as a key factor in the 2016 roadmap.
Our latest research report from the CPO Game Changer Series talks about: New and Improved Technology. Authored by Andrew Bartolini, Chief Research Officer at Ardent Partners the report talks about:
— Gearing up for Procurement 2016
— CPO’s Top Game Changing Strategies
— Technology Adoption Rates and its Impact
— Value of process automation tool across the Source-to-Settle Process
