Under pressure from an unpredictable global economic outlook, 90% of procurement leaders plan to transform their operating models to build resilience and agility, a survey shows.
More specifically, respondents said that digital transformation will be a top priority for the next three years as they adopt new technologies that enable them to react to rising costs from both inflation and supply chain disruptions.
That result comes from a study of more than 170 business leaders conducted by digital procurement consultancy ProcureTech and sourcing services platform provider Globality, titled “The Digital Future of Procurement Operating Models & Work.”
The survey also showed that 87% are prioritizing building digital and data teams to gain predictive insights, deploy new technologies, and react more quickly to future disruption. And 50% of organizations aim to move to a business procurement-centric organization, acting as advisors and business partners rather than executing routine processes.
Those steps could help companies reach objectives of agility, transparency, resilience, collaboration, and social impact, the survey found. And in pursuit of those aims, procurement has undergone a corporate transformation from a transactional function to a key enabler of business growth.
“Procurement has a unique opportunity to lead company performance during these unpredictable times, building vital agility and resilience into supply chains and value chains,” Globality Chief Revenue Officer Keith Hausmann said in a release. “Utilizing innovative digital technology means enterprises no longer have to rely on suppliers in a single location or even a single country, minimizing operational and geopolitical risks while also generating immediate cost savings.”
With the current unpredictable economic outlook, CPOs realize that #digitalization can no longer be put off. Discover the findings of our survey with @procure_tech to learn how 170 global #procurement leaders are rethinking their operating models. https://t.co/kfO07Eolsu pic.twitter.com/owqyGEd6JB— Globality, Inc. (@GlobalityInc) June 28, 2022