Procurement processes have changed when it comes to sourcing and pricing
The role of procurement teams has evolved and now extends to risk management, quality assurance, innovation and strategic development. No longer simply a purchasing process, procurement has become a strategic sourcing effort and involves assessing vendors' procurement software and contract management.
Procurement teams have to address functionality as well as the procurement process itself. With the need to identify so many functions — as well as workflows and lifecycle — the tools and technologies procurement professionals need to choose and use now have greater importance than before.
According to a recent study by WBR Insights, most procurement leaders are investing less than 50% of their budgets in future technologies like artificial intelligence (AI), machine learning (ML), robotic process automation (RPA), cognitive procurement tools and more.
Sixty per cent of the C-suite say cost savings is of utmost importance to them — that's up from 39% percent last year. And 80% of procurement leaders say 26-50% of their current procurement processes are automated — a relatively small number if you're looking to streamline workflows and functionality.
With all of this change, where is the future of procurement heading?
To get answers, WBR Insights surveyed 30 senior procurement leaders, a third of whom manage over $10 billion in total spend, for their CPO Study.
Download the full report to learn more about:
- What technologies procurement teams are investing in
- What aspects of the procurement organization leaders would like to improve the most
- How companies can reduce risk the of disruption in sourcing
- What role speed plays in the future of sourcing
- How to motivate the C-suite to get behind strategic sourcing
- How speed and technology initiatives can help you find the right procurement solutions
If you’re wondering how to buffer your supply chain against disruption and prepare for what’s ahead, download the report now.