Catching the Wave of Procurement’s Second Revolution
Summary
While spreadsheets could automate specific calculations, each transaction required manual data entry — a process that was both tedious and prone to human error. But despite the high costs of these solutions, they stop short of providing the type of workflow, insights and analytics that could drive further value and ROI for companies. Identifying and sourcing the things needed to operate a large corporation simply functioned as a major budget item — something to be contained rather than optimized or leveraged for any kind of strategic competitive advantage. This can be a tough pill to swallow, as CFOs and procurement officers expect a seven-digit line item to offer a comprehensive solution. Organizations that can shift themselves slightly forward in their digital transformation, adopting a more modern and data-driven approach to procurement, could find themselves with an exploitable advantage over the competition.