Digital Transformation in Procurement

By Kevin Frechette
Jan. 19, 2018, 1:23 PM
Digital Transformation in Procurement

Late in 2017, we called digital transformation one of the “ingredients for innovation” in procurement. But simply using Amazon Business for your supply purchases or optimizing your website for mobile doesn’t mean you have a digital procurement strategy. Here are some ways that changes in your strategy will transform the way your organization operates and thrives:

Process Revolution
Procurement leaders assume that digital technologies will transform the entire procurement operation, from overarching strategies to the most elementary procurement processes. Properly implemented, these technologies can help procurement increase everything from data analysis to collaboration and team engagement. When implementing digital transformation measures it’s important to think across the spectrum of tools needed by procurement from sourcing to contract negotiations, supplier management and planning.

Collaboration creates Innovation
Broadly speaking, digital technologies increase collaboration which in turn creates innovation. By creating this collaboration within your team your team will have more points of connection with each other, speed and efficiency will increase and there will be more energy around new solutions and systems.

Intelligent Procurement
As anyone who has read our blog knows, Fairmarkit is a huge fan of using data to make decisions and AI. By using digital technologies, procurement organizations will increase the power of their data and information to enhance their supply chain decisions and operations to stimulate modernization, production and success.

Ultimately, creating a digital transformation in your procurement department means developing new value propositions, rising to meet additional business needs, and integrating and analyzing data across functions and departments. Not only will your business grow but you will help enable your employees to be successful in the digital era.

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