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The benefits of adopting the right purchasing technologies

To what extent are organizations using technology to achieve their procurement goals?

Organizations have increasingly focused on digitally transforming their operations to increase efficiency, make better data-driven decisions, and reduce costs. As organizations transform, procurement is often among the last operations to evolve. However, digital transformation is a growing priority for chief procurement officers, which prompts the question, to what extent are organizations using technology to achieve their procurement goals?


Leaders that have grown up purchasing consumer products online now expect that buying option going forward. Meanwhile, managers are realizing they can source supplies faster, from a wider base of vendors, often at lower prices, using e-commerce. Perhaps most important, digital solutions can ease the tactical, repetitive, and often manual work involved in purchasing processes, freeing procurement teams to play more strategic roles in their organization. Better data and analytics, for example, give procurement leaders the information they need to advance supplier diversity initiatives and drive progress toward sustainability goals while effectively managing spend through a complex web of vendors.


We’ve sponsored research by Harvard Business Review Analytic Services to uncover the challenges organizations face in their supplier management operations and the benefits of adopting the right technologies. Through deep interviews with thought leaders and organizations leading procurement transformation, this report details how digital dexterity is critical to stay in front of change and can elevate procurement’s role as a strategic driver for the organization.

 

Download the report "Digital Optimization Paves the Way to Strategic Supplier Management" to learn more.

Key findings:

  • 73%

    say reducing costs is a top priority of their supplier management and procurement operations.

  • 54%

    report the ability to quickly switch suppliers in response to a disruption is among their organization's top challenges.

     

  • 24%

    are analyzing the majority of the supplier data they collect in a way that aids decision making.

Digital Optimization Paves the Way to Strategic Supplier Management

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