Digital Procurement - Rising Importance

Hi all,

I am Pranav Surendran, 2nd year MBA student. As an aspiring student of operations, I came across an article on digital procurement and it caught my attention. So, here are few of the insights I got on why digital procurement is rising in importance.

 In the new remote work era, it is important to have applications that an employee can use from anywhere at any time. Digitizing and automating the procure to pay process can benefit organizations. Digital procurement allows one to track spend, PO, invoices, goods, supplier data and more all in one convenient platform. Hence, procurement leaders can make smart, informed financial decisions immediately and in future.

Digitizing can lower labor costs and challenges that come with manual management while improving efficiencies and accuracy. Digital procurement enables one to focus on what matters most thereby making job easier and faster.

How to start digital procurement?

• First step, is  to implement a system that digitizes AP and purchasing functions including suppliers, purchasing, invoices, payments and reporting
• Then one can start to measure procurement ROI and optimize accordingly

Taking advantage of right technology is important for success. Digital procurement can be a secret weapon for a firm no matter what crisis may hit.