CEOs understand that technology will be the biggest driver of business transformation and are looking to their c-suite team to drive that transformation. However, over 55% of Procurement organisations say they currently have no plans to adopt even some of the most common digital technologies.
Digital procurement leads to improvements in analytics and automation that ultimately lead to nearly 50% faster execution. But how do you make the right digital investments?
Our research on the digital capabilities of over 100 procurement organisations shows that leading Procurement organisations are focusing in on three core digital capabilities:
- Long-Term Digital Planning
- Change Management Over-Investment
- Advanced Technology Experimentation
By doing so, these “Digital Exemplars” get a 76% improvement in the automation and analytics that drive spend visibility, execution speed, and compliance by making smarter digital investments and getting more out of them.
The digital revolution is here, and the benefits for Procurement are clear: the function can automate routine activities and gain visibility into important data by using the right technology solutions. Significant savings in cost and time are within your department’s grasp.
Download the executive summary to find out the best practice approach to advanced analytics and automation technology investment, and the impact this can have on your business.