Automated supply management solutions assist procurement departments in scaling resources, while enhancing procurements’ overall value to the business. However, with technology adoption low, substantial opportunities remain for true value realization.
“As Chief Procurement Officers (CPOs) and procurement practitioners move forward, they have the need and the capability for advanced technology solutions to automate and link the source-to-settle process – upstream, strategic sourcing and downstream, procure-to-pay (P2P),” says Matthew York in his article How New or Improved Technologies Can Transform Procurement – Contract Management on cporising.com. “Modern contract management tools can drive more visibility, performance, and compliance through the process. They can prevent savings leakage, save the enterprise time, money, and ultimately return value to the enterprise. “
While some procurement departments are adopting these solutions, other procurement teams need to take a closer look at how to save time and resources, while gaining power and influence within the organization. “Although contract repository adoption rates hover near 50%, contract authoring and contract analytics/reporting are still trying to gain traction within the market.,” says York.
What procurement team doesn’t want greater visibility into existing contracts and to return greater value to the enterprise?
By: Tara Ann Neville