How to reimagine your digital procurement strategy

The impact of new technologies and digitalisation are tearing down the pillars that have been at the core of the procurement function. Today, organisations need procurement to be more than just a savings machine, expecting it to embrace new ways of engaging with the business and collaborating with suppliers. However, most procurement organisations are so intently focused on the day-to-day activity that the ability to transform is an unrealised opportunity. CPOs, CFOs and CEOs of 2020 need to ensure that their procurement teams can continuously drive new value fully aligned to the company strategy. While Hackett estimates cost reductions through enhanced procurement digital skills to be around 29%, further research has also proven that 68% global organizations cite outdated technology as a significant pain point for procurement (which further stresses on the need for an overhaul of digitalisation strategies).

This Zycus webinar, in partnership with CIPS/Supply Management Insider, discusses ways of defining and deploying a digital roadmap for procurement. It also highlights that while digitalisation of the function is revolutionary, the path towards that ‘digitally enabled future’ is likely to proceed along some well-established paths and pointed strategies surrounding a disruptive mindset, enhanced agility, smarter analytics capabilities and increased risk awareness.

Key takeaways:

• Predictive & Data Analytics
• The significance of Artificial Intelligence in revamping procurement function
• Understanding audits, minimising risk and improving sustainability through trends unearthed by big data
• Unearthing the scope of Purchase to Pay (P2P), Source to Contract (S2C) and Supplier Relationship Management (SRM) in reimagining digitalisation
• Navigating the digital cultural shift through the right strategies