Digitalization of Procurement

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As a data-rich business function, procurement is ripe for digital transformation. Procurement offices have heavily invested in their technology backbone to improve their transactional capabilities. However, investment into data-driven applications has, so far, been rather small, despite these applications’ potential to generate greater returns on investment by improving strategic purchasing capabilities. With the pressure to continuously deliver year-over-year savings and diminishing returns from improving transactional capabilities, procurement will need to look at improving their digital capabilities to become a full, strategic partner in the organization.

Digitalization of Procurement