As we enter the digital age, the industry is thinking of ways to become more efficient, deliver cost reductions to their customers, and become more competitive.
With today’s customers being better informed/connected, there is a rise in their expectations and an increased demand for personalization and customization. This, in turn, drives complexity to supply chain, requiring agility and multi-party orchestration.
For organizations confronted with increasing global competition, price volatility, and cost reduction pressures, a digital technology-focused procurement strategy becomes critical to the success of an organization. Such a strategy reimagines the supply chain to upgrade its role from tactical procurement to one that is value-driven and aligned to business goals.
84% of procurement organizations believe that digital transformation will fundamentally change the way their services are delivered over the next three to five years. Yet only 32% have developed a strategy for getting there. - 2017 Key Issues Study, The Hackett Group.
So, it’s no surprise that digital transformation of procurement is high on CPO’s agenda.
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