LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement intelligence advisory firm, has announced the completion of their most recent whitepaper on the future of procurement in the digital age. Procurement must move beyond cost savings and compliance and become a strategic contributor to enable superior business outcomes.
In today’s competitive business scenario, procurement organizations are under tremendous pressure to enhance the efficiency of procurement functions. Chief Procurement Officers (CPOs) continue to face major challenges in tackling issues such as fraud detection, predicting future spend, and tracking supplier performance. Also, the increasing pressure and competition are compelling several organizations to align their procurement goals with the overall strategic business agenda.
According to the procurement experts at SpendEdge, “Organizations will have to develop intimate relationships with a smaller group of strategic suppliers that allow both the buyer and seller to derive much greater mutual and strategic benefits.”
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The following are a few value levers for the future of procurement:
- A new talent model – As the focus increasingly shifts to a strategic model, it is critical that an organization’s talent model undergoes a transformation. Implementing the new talent model helps to attract and retain talent by uncovering patterns buried deep within the data.
- Closed loop process – Establishing a closed-loop procurement process is a major end goal for most procurement organizations.
- Focusing on business outcomes – To focus on business outcomes organizations must transition away from measuring outputs and begin instead to measure what really matters.
- To read more, download this whitepaper
Download the complete whitepaper on the future of procurement here:
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