Procurement organizations must begin their journey without delay. From culture to IT systems, through to governance and supplier relationships, the time to act is now.
To capitalize fully on current and future digital transformations, the entire procurement system must be changed. Six key dimensions must be accounted for when defining target models:
- Develop a digital vision and culture in procurement
- Articulate the actions of the CPO/CDO/CIO triangle
- Develop new capabilities
- Rethink supplier relationship management
- Bring in big data
- Design and implement a systems and data integration roadmap
84% of procurement organizations believe that digital transformation will fundamentally change the way their services are delivered over the next three to five years.