A digital transformation firm called The Hackett Group has identified six digital accelerators for procurement according to a Business Wire report.
These accelerators include:
1. Digital Engagement. A commitment from employees and managers to “improve efficiency, engagement and customer experience.”
2. Robotic Process Automation. “The automation of routine tasks in purchase-to-pay and elsewhere.”
3. Analytics-Driven Insight. “Allows procurement to be more agile and make predictive rather than reactive.
4. Modern Digital Architecture. “Enable(s) procurement to significantly speed up tasks like finding and qualifying suppliers, reduce lapsed contracts and increase the use of standard terms and conditions.”
5. Digital Workforce Enablement. “Create a culture of collaboration, enable crowdsourcing of answers to questions and speed up work processes, particularly for the new generation of procurement professionals.”
6. Cognitive Computing. “Helps procurement organizations run models, make predictions and analyze large data sets.”
Business Wire also reported:
“The Hackett Group’s research found that digital transformation can enable typical procurement organizations to reduce their process costs by 30 percent, bringing them to cost levels slightly below those of world-class procurement organizations, which have invested to a greater extent in value-creating capabilities. World-class procurement organizations can reduce process costs by 22 percent.
“There’s a tremendous opportunity for procurement organizations to apply digital technologies – including cloud-based infrastructure and applications, business analytics, and more – to transform their service delivery model. It can make them faster, cheaper, smarter, much more responsive to their customers and quite simply a more valuable partner to the business,” said Christopher S. Sawchuk of The Hackett Group.”