PROCUREMENT TRANSFORMATION
are now equipped with source-to-pay digital solutions , while 50 % of procurement leaders believe digital transformation will be a major focus for the next few years .
Though digital transformation in procurement offers many benefits such as cost control , supply chain traceability , and risk mitigation , that doesn ’ t mean it ’ s easy to implement a company-wide strategy – only 36 % are successful .
“ While recent events may have accelerated companies ’ digital evolution or change programmes ,” says Finnegan , “ it ’ s still very much in its infancy . There are plenty of lessons to be learnt , particularly when leaders are looking to harness as much data as possible to make far more accurate
strategic decisions for their organisation .
“ Looking ahead , procurement departments will be setting ambitious digitalisation targets for next year . Teams will be looking to maximise their operational efficiency and will need to ensure that they are making the right digital investments for long-term gains .”
Challenges for successful digital transformation Finnegan says : “ Too many leaders are focused on the ‘ hype ’ around digital transformation , prioritising technology over strategy , simply picking the latest digital solution and implementing at speed , in an attempt to keep up with their competitors
“ Too many leaders are focused on the ‘ hype ’ around digital transformation , prioritising technology over strategy ”
ASH FINNEGAN DIGITAL TRANSFORMATION OFFICER , CONGA
88 January 2023