The global business landscape in 2023 is highly volatile as a result of geopolitical conflicts, supply chain disruptions, inflation, and the general economic downturn caused by the COVID-19 pandemic.
In such an environment, the procurement sector has turned towards technology to help transform its processes and enhance resilience with the aim of future-proofing its functions. Digital procurement tools have gained massive prominence in the post-pandemic business landscape, resulting in a surge in improved and highly standardised procurement activities.
A key contributor to this development is procurement digital strategy. Streamlining and digitalising procurement processes by itself is simply not enough in today’s highly competitive business environment. Procurement digital strategies allow businesses to set up a procurement function that aligns with the strategic goals of the business.
These end-to-end strategies create a highly value-added procurement function that takes the progress of the entire business into consideration, driving organisation-wide efficiency and growth.
However, to deliver these outcomes, procurement digital strategies must be organised with some key components in mind.
