The pandemic accelerated a mindset shift around speed and urgency as businesses across virtually every industry worked to achieve timely, efficient recoveries. There simply was no time for business as usual. As companies continue to work through various levels of ongoing disruption, time and budget remain scarce commodities across all organizational functions, not least of which is procurement.
Long before COVID-19, procurement leaders had already acknowledged the value of deploying new ideas and technologies across their operations. Today, these executives recognize the real imperative is to break down old structures and silos and work toward becoming more collaborative with internal partners and to establish end-to-end technologies that can facilitate greater insights and better decision making. Identifying and unlocking greater value is the clear strategic objective.
With the increased need for organizational adaptability and the ever-growing democratization of data across the enterprise, the march toward digital procurement is fully in progress—from infrastructure upgrades and operational management to improving technology and the supplier experience.