EXECUTIVE INSIGHT
By embracing digital strategies , they can enhance their competitiveness and operational effectiveness , which is crucial for their growth in today ’ s fast-paced business environment .
For mid-market businesses , procurement is especially important , playing a pivotal role in supporting top business priorities such as cost control , improving profitability and expanding into new markets .
It is increasingly seen as a strategic function that can drive organisational agility and contribute to growth . By embracing technology , midmarket companies can optimise their procurement strategies , which in turn supports business profitability and competitiveness in the market .
Q . IS THERE THE POTENTIAL SOME COULD BE ‘ LEFT BEHIND ’ IF PROCUREMENT LEADERS IN THOSE BUSINESSES HOLD OFF IN EMBRACING NEW TECH ?
» There is potential for mid-market companies to lag if they hesitate or delay embracing new technologies , especially within the procurement function .
Companies that don ’ t adopt new technologies can leave themselves vulnerable to potential risk and increasing challenges as they grow .
As companies move from small to midsize , they often start losing visibility and control over their spending . We see this quite often as problems arise given that as smaller companies , there was less need for established policies , procedures and oversight around spending .
However , as they grow into midsize businesses , procurement operations quickly become essential to business operations .
That is why implementing the right approach within one digital solution is crucial as it allows companies to automate processes , optimise supply chain management , enable data-driven decision-making and become more strategic about their spending and relationships .
As the digital landscape continues to evolve , it is imperative
18 July 2024