“More Bang(Bank) for the buck”; “Do more with less”. This is what most organizations, especially CPOs in banks, are talking about when they think of procurement. But with budgets growing more slowly, and expectations of cost and efficiency savings growing faster than ever, how can organizations meet deliver expectations?
With today’s technology and maturity of the digital era, digital procurement solutions are allowing for more physical and digital inputs to be connected. This will bring about efficiency and eventually drive down cost. Fundamentally, digital procurement has become a must-have for effective and sustainable procurement.
Application of Procurement Technology for Banks
A true digital procurement organization will ride the digital wave by moving beyond replicating the same tedious processes with new software. It will change the procurement landscape by automating transactional procurement, strategic sourcing to become predictive. This article discusses conventional digital technology and new-age digital technology identified to future-proof procurement processes in the banking sector.