Digital Innovation for Procurement

Innovation has always been important for heads of procurement, but in times of economic uncertainty, it is more crucial than ever. Investing in more eProcurement tools and automation technology can help CPOs drive supplier collaboration, increase innovation, and strengthen supply chain resilience.

Using Digital Technology to Innovation the Procurement Strategy

We all know that investing in the right technology can help reduce overheads, choose the best suppliers and save time by automating more manual tasks to name but a few benefits.

However, CPOs must understand why and how they will digitally innovate, to see the benefits of investing in new technology solutions to help transform their procurement strategy. Another key area to consider is how digital innovation can benefit not only the organisation, but the customers and supply chain partners as well.

By understanding what they will do with the saved time and new data that will be available to them from investing more into digital technology, CPOs will stand a higher chance of truly innovating their procurement strategy.

Choosing the Right Procurement Technology

Post-Covid-19, CPOs have earned a seat at the table when it comes to decision-making within their organisations. They can now truly impact change, not only from an ESG perspective, but from a digital innovation one as well.

However, choosing the right technology provide to invest in is less certain. With a multitude of options available on the market with competing benefits and rising costs, there is increasing pressure on CPOs to source new innovative suppliers and help to deliver on their procurement goals.

For example, supply chain data management tools can help to unlock previously hidden insights from the procurement cycle, enabling CPOs to deliver greater efficiencies for their internal stakeholders and to build relationships with their suppliers. It goes without saying that having a clear digital innovation strategy in place will help CPOs to select the best technology provider to suit their needs.

To find out the latest innovations sweeping through Procurement, click here.

Cost containment in a risky world

As the cost-of-living crisis bites, the procurement industry also continues to be hit hard after Covid-19, revised working practices and new border controls. CPOs now must look for ways to reduce their costs whilst remaining competitive in this uncertain environment.

Covid-19 has taught the hard lesson of ensuring greater control over the supply chain and the need to continue plugging the digital skills gaps in their departments. Using technology for strategic sourcing can also enable CPOs to protect their bottom line by gathering data to procure the best product or service based on price.

Get up to Speed on Digital Procurement – view the agenda today.