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How the right technology provider can increase procurement agility

technology-drives-agility

With the complexity of today’s supply chains, world-class procurement organisations have an unparalleled advantage. From cost savings to streamlined productivity, strategic procurement organisations consistently outperform their competitors – how do they do it?

 

I believe agility is key to their success. Organisations that adapt quickly, with the help of technology, can increase procurement agility and provide value to their business partners, customers and key stakeholders. By strategising your procurement technology needs, the right partner can help deliver consistent, quality services and increase your supply chain agility. Below are just a few advantages to consider:

 

Analytical decision-making

With the volume and availability of data, new technology makes it easy to track decision-making processes. Once an organisation decides which key performance indicators to measure, it can collaborate with a technology partner to implement a monitoring system. Historical data can be used to create benchmarks for future performance. Companies that harness the power of analytics will be able to make better-informed, data-driven business decisions that improve procurement performance.

 

Intelligent automation

By automating repetitive and time-consuming tasks, procurement technology can free up resources for more value-add decisions. Many digital tools can improve your procurement performance. Based on the feedback I receive from clients, I recommend a few valuable tools to start with:

 

  • Data enrichment and validation: Managing your outdated, siloed vendor data can be much more rewarding with the right technology partner. Clean vendor data offers accurate, real-time information that ultimately leads to better analytics and better-informed decisions.
  • Certification management/vendor portals: Portals are a great way to keep track of suppliers and their certifications. A portal system that automatically collects and shares this information will help inform procurement teams keep your organisation up-to-date on small and diverse vendors’ qualifications.
  • Tiered reporting automation: Multi-tiered spend reporting helps CPOs track the economic and social impact of procurement activities. A granular view of expenditure will help procurement professionals assess areas in which the organisation is doing well and those in which it must improve. Paired with risk management and financial assessment, buyers can collaboratively engage with underperforming partners to find development opportunities.

 

Talent management strategy

By deploying intelligent automation and making full use of technology, organisations will be able to free time and talent to tackle higher-level business problems. World-class procurement functions build advanced talent management and retention strategies around group collaboration. Many procurement groups aren’t built on the principle of whole-brain thinking or individual strengths. By creating a balanced team with people who think differently, procurement can take full advantage of innovation and creative problem-solving.

 

It’s important for your organisation to ask: Do we use the best tools and practices? Are we recruiting the right talent? With the right talent and technology, functions will be able to increase their procurement agility for positive business impact.

 

Daryl Hammett is the COO and general manager of ConnXus, a SaaS-based global supplier management and risk platform. He previously founded the Peabody Executive Coaching Group and led Luxottica’s Sears Optical North America as senior VP and general manager.

This contributed article has been written by a guest writer at the invitation of Procurement Leaders. Procurement Leaders received no payment directly connected with the publishing of this content.

Daryl Hammett
Posted by Daryl Hammett