Published: 26 April 2023
Transforming the procurement technology portfolio requires understanding where technology is now, where it is going and how to get there. Procurement and IT leaders should use this research to guide their long-term strategy and the steps they must take to deliver their vision.
Sourcing, contract management and spend analytics technologies represent excellent opportunities to introduce AI-enhanced automation while controlling risk.
Procurement technology stacks are often assembled over time as a procurement organization matures. This piecemeal approach limits integrations across the end-to-end process and reduces automation opportunities.
Fragmented back-end ERP and financial systems force users to learn multiple systems and reduce data integrity.
Procurement and IT leadersshould:
Maximize the return on technology investments by implementing solutions that enhance the workforce through the use of AI/ML technologies and deliver smarter analytics and improved efficiency.
Maximize automation by optimizing how functional modules interact from a reporting, work handoff
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