PROCUREMENT STRATEGY
more of a challenge and an opportunity at the same time for many companies . The challenge is handling large volumes of data from various sources , which requires a robust data management strategy and technology infrastructure . Companies today are very risk averse and security is paramount , which can also be a challenge when building a digital procurement ecosystem based on data sharing across vendors , partners , etc .”
When it came to beating these challenges , both men emphasised the importance of planning and strategic approaches , integration such as phased implementation to manage complexity , and integrating various data sources into a unified platform . As well as the key part data has to play for both . Matthew advocates for a value-based approach , conducting cost-benefit analyses , and focusing on tangible and subjective business value . “ Companies should start by identifying the value to the business , be it tangible or subjective value ,” he adds . “ As with all projects , strategic and tactical planning are important . Developing an implementation that focuses on the best possible outcomes might result in a phased implementation plan . This approach is a great way to manage complexity and allows for adjustments based on feedback and performance . It ’ s also a good way
86 August 2024