It’s impossible to overemphasise the impact that an advanced approach to supplier management can have on large organisations.
With the right processes, systems and technology in place, procurement functions can claw back huge amounts of time, meaning scarce resources can be put to use on more value-creating activities. New technologies can introduce control and, with that, ensure that suppliers remain compliant with negotiated terms. And streamlined processes that remove vast volumes of administrative tasks from both supplier and buyer can help to provide a platform for more advanced working relationships with key suppliers.
It’s this last point that can take procurement to a new level, where it has a significant and lasting impact on the commercial success of a business. But only organisations that invest in the right tools will make it a reality.