Around this time every year, we see many posts and articles about the top predictions and priorities for Procurement in x year. And each year, we see articles that revolve around big buzz words like big data, machine learning and predictive analytics. Rarely do we ever glean much from these articles, with most of the advice being a repeat from the previous years.
Unlike the many articles floating around the web today, The Hackett Group’s Key Issues Study offers depth; by surveying procurement professionals from leading global companies, the Key Issues Study offers a sustainable and easily applicable agenda for enterprises looking to improve processes and transform their procurement organization.
Why should you care for the Hackett study? If you are a procurement executive interested in process optimization and digital transformation—you will find the Study invaluable. You will also find that you are not alone in wanting to explore the benefits. In fact, this is a consistent theme across the study. 85% of the respondents in the stated that they will spearhead enterprise wide transformation because they believe that, “digital transformation will fundamentally change the way their services are delivered over the next three to five years.”
For procurement executives, this is a major finding that may help ease their decision toward digital transformation, move away from manual inputting and automate processes to bring more strategic value to the enterprise. After all, procurement is critical in supporting the company’s overall business strategy. One cannot remain competitive in the global, and increasingly digital, market place by sticking with archaic processes.
Highlights of the Study include:
For procurement to succeed in 2017, it must be willing to adapt new processes and leverage technological investments more efficiently. By facing issues and shortcomings head on, procurement can truly transform as a function and become better, more strategic counterparts to the enterprise.
Did you miss our webinar with The Hackett Group? You can catch a replay here.
|Dannah Sanchez, Communications Manager, Ivalua
When not reading and writing about all things supply chain and procurement, she enjoys surfing the waves in her native California. Follow her on Twitter: @dannahsanc