DIGITAL PROCUREMENT
Next
Generation Vendor Management
“A lack of transparency is causing knowledge silos between departments ”
JACK MACFARLANE FOUNDER AND CEO DEEPSTREAM
One of the most important and valuable aspects of technology is to eliminate guesswork ; this can be achieved with innovative solutions that maximise the value across all managed suppliers . “ Technical innovations can power all the vital aspects of a specific vendor , from maintaining a healthy relationship to establishing mutually beneficial commitments , through streamlining , automating and improving processes across a variety of business operations , including contract management , risk performance , compliance , innovation and sustainability ,” says Macfarlane .
Adoption of digital solutions leads to higher maturity Leading procurement functions that have implemented digital solutions are now sitting higher on the company maturity curve . Macfarlane explains : “ such maturity allows for contract compliance to be strengthened and better purchasing insights delivered , all in all , setting up procurement as a profit centre rather than a cost centre , results in a potential competitive advantage .”
Macfarlane adds : “ Teams that are capable of implementing new solutions and promoting their adoption have reaped
80 July 2022