If businesses are not prepared for the forthcoming technological changes, they will not benefit from early adoption, will be slow to gain savings, and may begin to trail behind their competitors.
This was the conclusion of Procurement Leaders’ 2016 annual technology report and while that statement was true then, it is still true today and will be true for many years to come.
The pace of technological change has accelerated over the last few years and the function is now seeing thinks like artificial intelligence (AI), the Internet of Things (IoT), 3D printing and big data shake up its operations and processes.
If procurement teams don’t embrace those changes and try and capture the opportunities they present then they risk being left behind by those that do. The issue for procurement chiefs is that they don’t seem to be fully embracing these opportunities just yet.
The 2016 report found that procurement chiefs were lagging behind other function leaders in terms of technological awareness.
However, the findings did suggest that big data was seen as the most important cross-category trend, indicating that there is some recognition of the importance that big data will play.
But what of next year?
This article is a piece of independent writing by a member of Procurement Leaders’ content team.