Why Is Digital Procurement Important? One Minute Tutorials

Digital procurement allows companies to automate many tasks, which increases efficiency and reduces costs. It also enables teams to analyze data better and find insights to deliver greater value.

Digital procurement enables companies to keep up with the impacts of today’s shifting global economy. For example, supply chain disruptions caused by the COVID-19 pandemic, geo-political challenges and regulations are unlikely to decrease. Digital procurement can provide businesses with the tools and intelligence to reduce risks or predict changes.

Digital transformation is influencing many areas across the procurement value chain. This includes:

Spend management
Supplier collaboration
Contract lifecycle management
Margin optimization
Risk management
Impact tracking
Collaboration and knowledge exchange
Procure to pay automation
Accounts payable automation
Strategic sourcing
Category management
Market intelligence

One Minute Tutorials