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While the benefits of technology adoption in procurement is clear , digitalisation of operations doesn ’ t come without risks , in particular the introduction of cyberthreats and data breaches .

Currently it is estimated that 2023 will face 33 billion account breaches , with 800,000 cyber attacks recorded in total . On average , there is a hacker attack every 39 seconds . With this in mind it is vital for procurement functions to enhance their security measures and benefit from the protection such solutions provide , including data protection and management , reputation preservation , enhanced productivity , regulation compliance , improve cyber posture , trust and credibility , and streamlines access control .

Whether a large or small organisation , all rely on their suppliers to operate . As such supplier management tools can greatly help in successful management of suppliers and create strong professional relationships . Key benefits of supplier management tools include improved communication , access to real-time data , enhanced supply chain visibility , increased efficiency and productivity , reduced costs , and improved supplier performance .

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30 December 2023