Alex Saric ( Ivalua ) & Simon Patteson ( Icertis ) discuss the role of platforms in effective procurement functions
TECHNOLOGY
Alex Saric ( Ivalua ) & Simon Patteson ( Icertis ) discuss the role of platforms in effective procurement functions
WRITTEN BY : GEORGIA WILSON
Alex Saric , Smart Procurement Expert , Ivalua
Simon Patteson , VP of Northern Europe , Icertis Following the disruption of COVID-19 , organisations are recognising procurement ’ s role in restoring growth and ensuring resilience . “ Now we are seeing more investment in smart , cloud-based procurement platforms that help businesses pivot from survival to growth mode ,” says Alex Saric , smart Procurement Expert at Ivalua .
As procurement departments become increasingly digitally driven , using the likes of electronic CFTs , supplier collaboration , RPA , and catalogue buying , more and more companies are releasing the significance of digital transformation and the need to optimise their services accordingly .
A key trend in the procurement space is the integration of a Contract Lifecycle Management Platform ( CLM ).
While procurement platforms have made improvements in tracking purchasing activity against budgets and in running sourcing events , they have been unable to achieve the full potential of end-to-end digitisation . Contracts are at the centre of procurement , they define what a business buys and on what terms , including SLAs , specs , and pricing models . An advanced CLM supports compliance tracking , strategic sourcing , spend analytics , business intelligence and supply-chain data management , meaning it
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