With the dramatically shifting progression of digital technologies capturing the workflow and processes of enterprises across the world, their functioning is pacing at a rate faster than ever before, which brings the procurement function at a juncture where it is bound to reimagine and redefine how it delivers value surpassing their basic expectations of cost savings.
There is a growing demand for procurement functions to transform in the pre-existent competitive markets to enable cost efficiencies and delivering strategic value far beyond optimizing spend, which can be easily achieved with strategic introduction of smart tools and technologies with capabilities of predictive data and spend analytics, automation of complex and repetitive tasks, gaining real time insights through artificial intelligence, that contributes towards strategic cost management, supplier relation management, category management, project management, contract management and a lot more through Source – To – Pay platforms and Procure – To – Pay providing access to content and data visibility that was previously unavailable.
This new shift in paradigm of the procurement function, although usually seen as a great enhancer and an enabler, it is in principle disruptive by nature, hence requires a very strategic approach in its journey to transform the function, as it comes with its own set of challenges, which requires investment of time, cost involved, people, skills and an overall perspective on change management to assess the organizations readiness to embrace and reap the benefits in offer.
Before the enterprise transforms their purchase function it’s important for the stakeholders to evaluate complexities and challenges in procurement transformation by exploring successful transformation strategies, addressing to key challenges such as developing talent pool to match the shifting paradigm in procurement technologies, ensuring agility and sustainability in the process.
Niaspan Innovative Platforms is hosting The Smart Procurement & Strategy Sourcing Summit – Saudi Arabia, which will feature a journey into achieving excellence in procurement transformation and strategy, while it also contribute towards Saudi Vision 2030.
Author Name: Tarun Nagpal
The power of innovation makes Nispana Infinite. We chase perfection to catch excellence.