What Does it Take to “Go Digital” in Procurement?
Today’s procurement professionals are using digital technology to achieve greater procedural and financial efficiencies, secure the best products and services, and improve vendor relationships. However with the lack of technology to boost efficiency and strengthen the partnership with vendors and employees, saving costs and speeding up procurement processes can be quite cumbersome.
Industry experts predict that successful businesses will soon become 100% digital for all transactions. The challenge for professionals is how to “go digital” in the right ways.
For many companies, it will be an incremental journey. Today’s procurement leaders are using technology to achieve greater procedural and financial efficiencies, secure the best products and services, and improve vendor relationships. This best practices paper outlines eight important ways that procurement professionals can make meaningful progress in their digital transformations.
Don’t Leave Anything to Chance When Your Department Goes Digital
Survey Reveals Common Digital Requirements Across Procurement Functions
Directors, Global Procurement
- Drivers for Going Digital: Initiative to transition to a paperless office, simplify the global signature process, and environmental stewardship.
- Key Requirements for Digital Solutions: Easy to use, low cost, and legally binding
- Initial Focus for Going Digital: Vendor contracts, NDAs, and sales
Supply Chain Managers
- Drivers for Going Digital: Desire to automate processes, ensure security in handling personally identifiable information, and reduce scanning.
- Key Requirements for Digital Solutions: Collaboration capability, security of sensitive vendor information, and legally binding e-signatures for the U.S. and Europe.
- Initial Focus for Going Digital: Confidentiality agreements, banking documents, and freelancer onboarding forms.
- Drivers for Going Digital: Need to reduce back and forth on contracts, and ability to quickly manage approval processes with overseas parties.
- Key Requirements for Digital Solutions: Ability to sign on mobile devices, efficient to manage, easy to use, and time savings.
- Initial Focus for Going Digital: Vendor agreements.
Download this best practices paper to learn the 8 important ways that procurement teams can make meaningful progress in their digital transformations.