Three Ideas to Challenge Your Thinking About Digital Procurement
By Anthony Payne, CMO of HICX
Nearly every company is involved in some form of digital procurement transformation. But how many are actually seeing it pay off?
According to research by Bain & Company, only 8% of global companies have been able to achieve their targeted outcomes from digital technology investments. The same is true in the procurement function, where many leaders are still struggling to deliver enough value from costly digital plans.
A key reason is that for many, “digital” transformation means “technology” transformation. In practice, however, placing the focus on technology doesn’t create the value-add opportunities that organizations need to thrive in a post-COVID world. Rather, the emphasis should be on a broader digital strategy, of which strategic tools are a component.
True digital transformation requires a bigger, bolder approach than simply selecting tools. To succeed in this area, procurement must push the boundaries. To that end, here are three ideas to challenge your thinking.