Businesses are adopting a new way of doing things in the face of disruptive technology, organization procurement are using digital tools to build a more efficient bottom line and greater top-line growth. Inspired by either prominence or recognized technologies, digital-enabled businesses will become smarter, swift and more scalable. The advance progress of disruptive digital technologies is changing both the customers’ expectations and business operations.
Digital is no longer just about using technologies to capture or create values, the focus of procurement will be on collaboration with a network of external and internal partners to create novel, innovative business models. Backed by real-time access to market data and trends, procurement can offer important information for top-line strategic decisions by detailed data, analytical tools, collaboration technologies and strategic sourcing.
Procurement needs to move completely to the cloud, cloud-based procurement platforms are no longer considered the leading edge of technology, they are in fact mainstream. Using cloud procurement solutions, organizations can eliminate inefficiencies and streamline the procurement end-to-end process.
Relaying on such solutions allow procurement to automate, simplify, connect and integrate procure-to-pay processes swiftly at a lower cost.
The best benefit of moving procurement process to a cloud-based platform is the cost-effectiveness. Organizations do not require huge upfront investments nor hefty maintenance fees to use the solution.Many online procurement solutions offer pay-as-you-use subscription plans that allow organizations to streamline their procurement process while keeping the operational expenses to a minimum. As there is no IT investment involved, organizations have the freedom to withdraw from the services any time they want, no obligation attach.