Summary In the contemporary business environment, digital procurement is becoming increasingly popular and sought after by businesses around the world. The relationships …
Procurement consulting services help businesses
embrace the new era in procurement digitalisation
Staying ahead of supply chain disruption through expansive roles in procurement.
The realm of procurement practices has changed significantly over the past few years, and businesses have had to adapt to keep up.
One area that has seen a significant shift is procurement technology, which has undergone evolution and adoption at a significant rate over the last few years.
With the rise of digitalisation, businesses are now leveraging technology to streamline their procurement processes and gain a competitive edge.
Read on and explore the benefits of procurement digitalisation and why it’s a game-changer for your business needs.
What is digitalisation in terms of procurement?
The digitalisation of procurement refers to the use of technology to automate and streamline procurement processes.
It involves the use of software solutions to manage procurement activities, from sourcing to payment. Procurement digitalisation can take many forms, from e-procurement systems to supply chain management software.
The aim of all digitalisation efforts is to reduce manual processes by embracing new technologies to increase efficiency and improve accuracy.
Explore the next-gen procurement framework brought about by revolutions in procurement digitalisation.
Why embrace procurement digitalisation
in your organisation?
1.Increased efficiency
Automation reduces the time and effort required for manual procurement processes, such as supplier management, purchase orders, and invoice processing. This means that procurement professionals can focus on more strategic activities, such as supplier selection and contract negotiation, which ultimately drive increased efficiency and added value for businesses.
2. Better cost savings
Savings are boosted as a result of automating procurement processes, as businesses can reduce the time and resources required to complete tasks, resulting in lower labour costs. Digitalisation can also help identify opportunities to reduce costs, such as consolidating suppliers or negotiating better contracts.
3. Improved accuracy
Manual procurement processes can be prone to errors, such as duplicate purchase orders or incorrect invoicing. The digitalisation of procurement can help reduce these errors by automating processes and providing real-time visibility into procurement data. This can lead to improved accuracy, reduced rework, and better financial control.
4. More transparency
Transparency is boosted through digitalisation as real-time data can be accessed by all stakeholders, providing visibility into supplier performance, contract terms, and spending patterns. This visibility can help identify areas for improvement and enable better decision-making.
5. Enhanced supplier management
The digitalisation of procurement can also help organisations improve supplier management. By automating supplier selection and evaluation processes, businesses can identify and work with the best suppliers, leading to improved quality and delivery performance. Digitalisation can also help identify risks and opportunities associated with suppliers, enabling businesses to manage supplier relationships more effectively.
Fighting the effects of inflation with sourcing and procurement consultants
How can Kronos Group help integrate procurement
digitalisation within businesses?
At Kronos Group, our experienced procurement professionals have provided their expertise to many organisations in Europe and around the world. We have been able to train procurement teams and establish sustainable procurement functions across several industries.
Our team of consultants understands the changing procurement function and the demands that come with it. Keeping this in mind, we have been able to develop complete procurement solutions.
With procurement functions and technologies expanding at a rapid pace, organisations must stay ahead of these transformations.
Get in touch with our team of procurement professionals and find out how we can add value to your digitalisation efforts and help secure your procurement function from obsolescence.
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