As we enter the digital age, the industry is thinking of ways to become more efficient, deliver cost reductions to their customers, and become more competitive.
With today’s customers being better informed/connected, there is a rise in their expectations and an increased demand for personalization and customization. This, in turn, drives complexity to supply chain, requiring agility and multi-party orchestration.
For organizations confronted with increasing global competition, price volatility, and cost reduction pressures, a digital technology-focused procurement strategy becomes critical to the success of an organization. Such a strategy reimagines the supply chain to upgrade its role from tactical procurement to one that is value-driven and aligned to business goals.
84% of procurement organizations believe that digital transformation will fundamentally change the way their services are delivered over the next three to five years. Yet only 32% have developed a strategy for getting there. - 2017 Key Issues Study, The Hackett Group.
So, it’s no surprise that digital transformation of procurement is high on CPO’s agenda.
This story is from the October 2019 edition of Consultants Review.
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This story is from the October 2019 edition of Consultants Review.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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