Yes, another debate has been brewing! This one isn’t taking over the networks, but it is popping up at water coolers around the globe: Embrace the future of procurement or hold on to the past?
Leading organizations want eprocurement to drive innovation—embracing new business practices to capture and utilize data and unlocking new capabilities to maximize purchasing leverage. Whereas other companies still struggle with today’s needs and remain trapped in procurement practices that limit growth and strategic opportunities.
“Different industry sectors confront different procurement and supply management issues, and the pressures to bring procurement practices up to date with the realities of an innovation-driven and increasingly service-oriented economy will likewise vary”, explains Vantage Partner’s Jonathan Hughes in his article How Organizations Can Reinvent Procurement for supplychain247.com. “Nonetheless, we believe that almost any procurement organization that seeks to maximize the financial and strategic value it delivers to the enterprise must evolve and mature.”
As Hughes points out, “Procurement is at an inflection point. Those organizations that evolve along a maturity model will drive innovation, deliver value and enable their enterprises’ strategies.” And for those that refuse to embrace the Procurement Future? “Those that remain trapped by old paradigms will continue to struggle in a 21st century world with new risks and threats, and miss out on new opportunities,” he explains.
By: Tara Ann Neville