In this age of impatience, expediency and constant preoccupation, the need for automating mundane, monotonous processes to improve ease and efficiency is fast becoming a pressing one.
For market-leading procurement organizations, technology is not just an enabler but a key driver of next-level performance and results.
Increasing competition, disruptive innovation, and rapid changes in market dynamics – businesses today face volatility and uncertainty like never before. Add to that the pressures of succeeding in a digital-first economy and things get tricky.
Procurement has a big role and opportunity here. But where and how to begin?
Transform or Die – for many, this stark choice is very real. Fact is procurement leaders can either play the bystander or take action to help enable continued enterprise growth and success.
Indeed, Amazon, Uber, AirBnB are all examples of how digitally-enabled innovation can create breakthrough value for a business and its customers. Procurement can (and must) drive this digital transformation.
Procurement software has taken its users for granted for too long. This includes users inside and outside of the procurement function, and this realization mirrors changes being seen in procurement’s priorities and objectives.
The year 2016 began with unsettling volatility in financial markets, fueled by fears – perhaps overwrought – of at least a partial global economic slowdown.
Manufacturing companies today are swimming in excess and obsolete MRO inventory. Analysts estimate that 40 to 60 percent of all MRO inventory in a manufacturing company is usually excess, obsolete, or infrequently used critical spare parts.
Big data analytics can bring about transformative changes in procurement — there’s no two ways about it. But how can your procurement team realize its real, game-changing benefits?
In this GEP-sponsored webcast, Revisiting Analytics in the Era of Big Data: What CPOs Need to Know, industry veteran Patrick Connaughton of The Hackett Group describes how procurement organizations can use big data analytics to increase their business impact and improve savings performance through effective decision-making.
Among other things, Patrick also talks about:
The procurement outsourcing industry is now maturing and procurement is increasingly looked at as a natural candidate for outsourcing.