GEP

How digitization opens up new horizons for purchasing

First steps: The Right Tools, the Right Software and the Right Partners

The volatility of the global business environment allows Purchasing to redefine itself. Forward-thinking purchasing teams are changing from a tactical focus to a new role as trusted business consultants and strategic partners. To get there, however, Purchasing must actively participate in technological innovation and
digitization.

Using digitisation

Digitisation of purchasing - this includes a comprehensive reorientation of purchasing strategy, processes and people, driven by new and evolving digital technologies. By incorporating these technologies - e.g. Artificial Intelligence (AI), Internet of Things (IoT),
Robot Process Automation (RPA) and Quantum Computing - and controlling digital transformation within one's own function to drive improvements, Purchasing has great potential as a catalyst for innovation and driver of market leadership for the entire enterprise.

This is a challenging undertaking, but one that promises rich returns. They include

• Improved control and efficiency in all activities from source to payment
• Real-time insights into category and supplier performance
• Proactively monitor and mitigate supply chain risks
• Detailed insights as well as an overview of structures as a whole for effective decision making
• Faster value creation
• Greater agility in purchasing
• Higher satisfaction of internal stakeholders

Intelligent automation - the way ahead

For many companies, digitization begins with the acquisition of RPA. Increasingly, AI technologies are linked to RPA to increase their impact and capabilities. Purchasing uses RPA in many ways, ranging from automating transactional procurement processes to tendering. This brings significant cost savings and gains in productivity and efficiency - fast and substantial.

The road to success

Current surveys of in-house buyers show a broad interest in digitization and new technologies. But to take advantage of the dynamics of digital disruption, you need to implement the right tools and software. Leading market research firms expect platform-driven digital procurement to deliver better results - faster, more comprehensive and more reliable.

A cloud-native, unified source-to-pay purchasing platform - such as SMART by GEP, which seamlessly combines new and emerging digital technologies with decades of purchasing experience and strategies - is increasingly recognized as the essential element for digitizing sourcing organizations in complex, global enterprises. Are you ready to begin your journey to digitize purchasing? If you are - or would like to be - please contact us!