The future of procurement lies within the digital landscape. Not only do the benefits of its implementation greatly outweigh the costs, but they also result in very profitable returns. Digital procurement clearly demonstrates that it is far superior to manual procurement methods within the context of efficiency alone. Despite the rising popularity of digital procurement, it has not completely taken hold in many corporations to date. While many leading organizations have taken the initiative to implement such technologies and have seen nothing but success, many others are still sitting at the fundamentally early planning stages of their strategies of implementation. This raises the question: how sustainable is digital procurement in the long term?
The most successful means of digital procurement in the corporate world, according to the author of this article, Saravanan Narasimhan, is through early involvement. While there are examples of late-stage implementation in business, many have trouble aligning the necessities and demands. This thinking aligns with a popular concept in the private sector: upgrading is significantly more beneficial than introducing a new technology- an idea better known as digital transformation.
Read this article and learn:
•Why digital procurement may find itself to be a successful system of transaction within the business-vendor interactions.
•Why the return on investment for digital procurement greatly outweighs the cost of initial investment.
•What is the future of digital procurement and how it will evolve going forward?