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The Evolution of Procurement: Digital transformation in the new normal… And what’s next?
Procurement executives have been working hard to ensure business continuity during this period of extraordinary disruption. Many organizations saw procurement transform from a tactical to a strategic partner as they responded to the epidemic with speed and agility by digitizing their operations for speedier access on demand. “One way these changes are being executed is through enhanced automation, which will result in not only increased productivity but also more trustworthy information about what is available.”
Companies have accelerated the digitization of their operations by three or four years as a result of the recent pandemic. According to a McKinsey Global poll, 74% of corporate leaders have seen this time acceleration since late 2020, with many citing a reduction in months – up from 50% in August 2020 – due entirely to enhanced automation efforts. Despite improvements against sickness, there is still a global scarcity of trained experts since there is simply not enough employment available right now.
With the rise of technology, procurement has been able to strengthen their relationship with business owners by providing a more efficient means for responding quickly and effectively. Automation is also helping them move away from being just transactional partners in favor towards strategic allies that can offer assistance when needed most – like during disasters or economic downturns!
So, now procurement has the ear of the board, how can the function use its heightened position to continue to drive value? What lessons have been learned over the past two years and what will 2022 and beyond look like?
The recent epidemic has resulted in numerous changes in how we live, work, and play. This Virtual Round table is an opportunity for you to interact with procurement leaders from a variety of industries in the Southeast Asia region, who are facing similar difficulties, as well as hear about some of today’s most innovative solutions for keeping your business safe in the face of volatility!