2020 and the COVID-19 pandemic threw challenges at businesses they never saw coming. Organizations had to quickly pivot and change ways of working to stay running. Many businesses leaned on procurement departments to help solve sourcing and logistical issues and control costs, and they turned to digital procurement to help streamline operations.
Why Digital Procurement?
You know how it goes. When financial trouble is on the horizon, you start looking for savings wherever you can find them. There has been no greater time of uncertainty than that brought on by the COVID-19 pandemic, and the demand on procurement teams is equally as great. With volatile demand and persistent supply chain issues, you’ve likely found your procurement team is in desperate need of some adjustments to meet the demands of this new way of working.
In such a trying time, turning to digital procurement may help your team overcome dire challenges and meet the ever increasing business demands.
3 Ways Digital Procurement Can Transform Your Business Pperations:
Digital Transformation Equips Your Procurement Team for Remote Work
Remote and hybrid work models are here to stay. Not only does the flexibility to work anywhere play a big part in business continuity planning, but it is also a valuable perk to offer your employees who are reevaluating what job satisfaction looks like.
Cloud-based platforms can streamline collaboration between your procurement, operations, and legal staff and speed up negotiations with suppliers. The data transformation that comes along with digitization makes tracking your operations a breeze.
Digitizing Procurement Helps You Analyze Your Spending
Digital procurement platforms offer insights into your spending and margins. You can use these tools to create real-time spend analytics reports to keep your costs in line. Plus, you’ll be able to better manage your tail spend.
Digital Transformation Will Help De-Risk Your Supply Chain
With improved collaboration with your stakeholders and more intelligence through data transformation, digital procurement can help you scale up or down quickly in response to sudden supply challenges. Acting immediately and adapting to market changes can keep risk out of your supply chain.
Don’t Wait to Digitize
Digitization and data transformation are not a product of the pandemic. Some organizations have been using digital procurement in some form for nearly twenty years. Because the pandemic has accelerated most long-term digital road maps, businesses not digitizing procurement are falling behind their competitors.
If your procurement team was already lagging before the pandemic, you’ll be left in the dust when we reach the other side of it. Implementing a cloud-based procurement solution will bring your team and prep your operation for success in the post-pandemic world.
Digitize with Procoto
Don’t waste any more valuable time with an outdated process. Procoto is ready to be your trusted partner for your procurement digital transformation. If you’re ready to hear more about our procurement solutions and how we can help your business, get in touch with us today.