Gain Competitive Edge with Procurement Technology March 26, 2019, 8:17 a.m.

competitve edge

Procurement professionals are invaluable to the success of their companies. They not only possess the necessary skills to balance costs, deliver massive returns, fulfil social responsibility, and manage supplier relationships, but now more than ever they’re expected to also be innovative in order to gain a competitive advantage.

Those who do not invest in the right technology-driven solutions could fall behind. And, as most companies spend at least a third of their overall budgets on purchasing goods and services, procurement is clearly critical to their bottom lines. Therefore, any improvement that comes from investing in the right technologies can dramatically cut costs and improve efficiencies.

But now, cloud-based systems – SRMhub and others are far more interactive and customizable, and aid in the entire process, making them invaluable. For example, the cloud enables the communication of complex data, online auctions and bidding systems support the negotiation phase, and online catalogues allow you to check product availability, place and track orders, and make payments over the web. Plus, purchasing and approval rules can be added to the workflow to control spend

Tech has been critically important to procurement for over two decades, but its importance continues to grow at an increasing rate. Modern technology can drive efficiencies, streamline processes, and enable visibility. This makes tasks more manageable and enables organizations to scale. It also allows for fewer costly errors, enables better service quality, allows for quicker decisions, and lowers the administrative overhead associated with procurement. But perhaps most importantly, technology provides relevant data.