Digitally transforming procurement: the opportunity in the ‘long tail’
Digital technology has given the back office the chance to be at the forefront of business strategy. Some CPOs have already launched digital transformation initiatives and are at differing points on the maturity curve. Many are talking about it and planning to invest in it. A few are just talking about it, unsure how they get to the end goal: transforming the procurement function to make it more effective, resilient and flexible and deliver strategic value within a digitally-driven organisation.
For forward-thinking CPOs, digital transformation provides a once-in-a-generation opportunity to change the reputation of procurement as the department that says 'No' to one that has the strategic influence it deserves. That’s a generous reward for not much risk.
Read this CIPS Download report, produced in partnership with VendorPanel to find out more.
VendorPanel simplifies procurement, reduces risk and drives savings. It is an easy-to-use, award-winning platform, trusted by over 2,400 buying organisations to manage $2.4 billion in spend last year. The problem we solve is a big one. Up to 60% of procurement is decentralised and hidden in email. This presents a real risk to transparency, governance and probity. Too often, this spending delivers poor value, with little real competition and no reporting or analytics.VendorPanel gives a procurement function full visibility and control of decentralised sourcing. Buying staff get competitive quotes and proposals from the right suppliers. Procurement Teams get transparency of sourcing, with real-time reporting and analytics. Executives can mitigate risk, drive savings, and deliver positive social and economic development impacts.
