The Future for Digital Procurement – What’s next?

JAGGAER, the world’s largest independent spend management company, and EdgeVerve, have published a report on digital transformation in procurement titled “Digital Transformation in Procurement: How Close Are We?”. The report, based on a global survey of 321 procurement professionals, identifies the lack of budget, requisite IT skills, lack of progress with data integration and lack of digital knowledge among procurement professionals, as some of the most important obstacles to more rapid progress.

The survey suggests that digital technologies such as AI and Automation are changing the way organizations think about procurement – 54% have already initiated process discovery and automation in their organizations.

Conversely, AI is revolutionizing the world of procurement and opening up many possibilities for implementation, from analyzing contracts and quality complaints, to ordering income bookings and purchase orders. If procurement experts do not explore the possibilities and deploy AI in the near future, they will be missing out on a huge opportunity. Organizations that do embrace the new world will gain significant competitive advantages over their peers.

2019 seems like a promising year for procurement. Is your organization ready?