TECHNOLOGY
Hackett Group indicate that 84 % of procurement organisations believe digital transformation will fundamentally change the way their services are delivered over the next three to five years , while Accenture ’ s own research has revealed that 85 % of executives plan to invest in AI over the next three years , with the technology set to become a critical ingredient of digital procurement .
AI has the potential to boost productivity by up to 40 % by eliminating repetitive tasks and supporting people in complex and creative problem-solving . Ruehle is confident that by embracing digital procurement as well as the other new technologies available , the supply chain industry as a whole can thrive .
“ Digital procurement will fundamentally change the nature of the supply chain industry ,” she asserts . “ By improving how goods and services are purchased and increasing insights into spend , digital processes and technologies will help supply chain organisations better mitigate risk and meet compliance requirements .
“ Additionally , the insights gained through digital procurement will support corporate objectives and sustainability goals and fuel product and process innovation . From an end-user experience perspective , supply chain professionals can expect to benefit from a more intuitive buying experience and accelerated buying processes .
“ In a nutshell , digital procurement means more efficient , effective and transparent procurement processes that are based squarely on big data insights .”
One of the key facets of a fullydigitised procurement organisation is eProcurement software , solutions which support the purchase and payment of supplies , work and services through the internet .
“ There are several benefits that stem from using eProcurement software ,” Ruehle continues . “ From improving visibility into spend , increasing productivity and accelerating transactions , to standardising the buying process , reducing errors , and increasing compliance . As such , eProcurement software is a core foundation of digital procurement , but is not sufficient in itself to truly transform procurement functions .
“ Often , these software solutions are focused on enabling a process
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