With the spotlight on digital transformation in procurement, organizations looking to kick-start their digital journey need to step up and plan on how they can embrace the new technologies in an ever-evolving industry landscape. CPOs need to prioritize and align their goals on how they can bring about change effectively across the organization, create a center of data excellence and make suppliers/vendors inclusive of their digital strategy.
In this joint whitepaper, we have tried to articulate what digital transformation means for procurement, why procurement organizations should invest in futuristic technologies such as Artificial Intelligence, Robotic Process Automation and Blockchain, the challenges that CPOs need to overcome, and a checklist to help professionals take procurement to the next level. This CPO checklist or guide summarizes some of the key strategies that CPOs will need to pursue to optimize savings and cost, comply with policies and government regulations, and meet customer demands.
The paper also reflects insights from the Global JAGGAER Digital Procurement Survey 2019 on the level of digitalization in procurement, the impact of new technologies and the road ahead.
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The paper also outlines how the application of AI-powered technologies, such as Machine Learning and NLP in contract review and analysis, can revolutionize business opportunities down the road.
The paper also articulates how data digitization is different from OCR and the various use cases that help businesses transform their documents, accelerating existing processes and applications.