Digitalisation

Many organisations invest in advanced procurement software and cloud-based solutions. Smart use of data and algorithms provide greater control over the supply chain, for making predictions, making the right decisions, and making adequate adjustments.

The deployment of digital resources and real-time data help with the realisation of cost savings (procurement costs and process costs), the reduction of risks, and the development of procurement competencies.

For example, we see artificial intelligence and options for supporting procurement processes with respect to sourcing events, within contract management, in negotiations and in the processing of invoices.

Blockchain records transactions and provides transparency in the chain. This in turn provides benefits for organisations that want to follow the status or origin of raw materials, products and packaging.

Social media is ideal for maintaining and improving the dialogue with external stakeholders. However, as an organisation you have to also be aware of the risks that come with greater transparency. 

The above is a selection of the options for a digital procurement strategy that ultimately provides a competitive advantage for your organisation.