It’s that time of the year again. 2019 is off to a flying start for Chief Procurement Officers (CPOs). That means it’s the perfect time to make solid resolutions…digitalization, compliance, supplier management, collaboration…and stick to them!
Agile, strategic and goal driven: the traits of a champion.
Digital transformation – or digitization – is a major technological and strategic challenge for procurement departments, involving a global overhaul of the organization. Collaboration with internal stakeholders, management of supplier networks, alignment of business processes, etc. — procurement is rapidly changing to take on these challenges. Business driver, value-add generator, strategic powerhouse; how did procurement become the captain of digital transformation?
How predictive analytics leverages data intelligence to drive decision efficiency.
More than ever, the role of procurement is gaining influence across organizations. According to the recent Deloitte Global Chief Procurement Officer Survey 2018, cost reduction remains the top priority for procurement. [inlinetweet prefix=”@Determine” tweeter=”” suffix=”#procurement”]But as innovative technology and digitization play a greater part in the procurement process, the function has become much more strategic. The role of cost-killer is rapidly giving way to critical business partner[/inlinetweet].
Smart and collaborative platforms, unified interfaces, Big Data and Artificial Intelligence: all these developments are forcing source-to-pay solution providers to regroup and adapt their technology offerings.
[NOTE: Leading French retail group Monoprix deployed the Determine Cloud Platform earlier this year, in part to manage e-catalogs. As a major force in city-center shopping, with locations in over 250 cities in France through its six branded stores, Monoprix’s supplier catalog management requirements are vast, as you might imagine. Because of Determine’s deep expertise and experience in the retail industry vertical, they chose our modular, integrated Procurement solution for its flexibility, simplicity and ease of use.]
Intuitive user interface, detailed product sheets, user reviews, search functions: these ecommerce standards are now commonly applied to the realm of supplier catalogs, and in the process improving the user experience of internal customers.
Business is evolving in a volatile legal context: regulations are changing and becoming tougher. The notion of “conformity” and “compliance” have never been so prevalent. During the 7th annual Journée du Management Juridique (Legal Management Day) in Paris this past June, Mr. Philippe Ginestié evoked a time when a supplier’s word and handshake were enough to constitute a contract.
But that time has passed.