Digital technologies are revolutionizing the procurement function and companies increasingly recognize that applying digital to their procurement processes can yield significant competitive advantage yet adoption of new technologies has been slow. That is because the complexity of the technology landscape makes tech selection daunting. Furthermore, some technologies are in use but continually evolving, while others are not mature enough to be widely industrialized.
Organizations that ground their digitization efforts in their overall business and procurement goals are much more likely to be successful. Therefore, the organization needs to have a good understanding of which enablers best support the value that is deemed most important for the procurement strategy. For example, if speed is paramount, the company should place a heavy emphasis on streamlining processes; if innovation is a strong focus, internal and external collaborations are crucial. The deployment of enablers should not begin with technology considerations but with strategic priorities.