Digital Transformation in Procurement Function
While most organizations find it easy and compelling to transform the customer-facing side of the business, the backend almost always remains entrenched in the old-fashioned ways either due to lack of priority, urgency, budgets or all of the above. The point that is missed – wholly or partly – is that the front-end transformation will never work to its potential, if the backend systems and processes continue to have the same legacy challenges.
Procurement, as an inhouse function, is critical to the transformation of the backend chain. Today this function requires a greater thrust to fuel organizational growth both with accrued savings and improved delivery times. The advent of artificial intelligence, automation and digital paradigms comes at the most opportune time for the transformation of the procurement function in the 21st century.