Numerous studies highlight the growing impact of digital technology on the procurement function:  

• Digitising their processes is CPOs’ number one investment imperative – analytics, cloud and robotics being their top three priority technologies.
• More than 70% of procurement technology spend will go on cloud-based solutions by the year 2020.

Forward-looking procurement leaders are creating technology ecosystems designed to improve their processes, accelerate decision-making, and automate low-value activities. 

They recognise the opportunity to revolutionise performance at every stage of the procurement process, by:

• deploying cognitive and automation technologies across the procurement cycle and beyond
• embracing managed services and external insights to help maximise ROI
• implementing end-to-end compliance controls

The procurement function of the future will be supported by real-time data and intelligent assistants, whose recommendations will enrich negotiations and buying decisions.

Increasingly, administrative tasks will become automated or self-service – freeing procurement professionals to focus on managing risk, boosting innovation and optimising costs.

And technology has a role to play in enabling this new emphasis. It can connect internal and external data sources, producing deeper insight to inform better decisions and provide strategic guidance to the business.

A global oil and gas firm is harnessing digital technology as a catalyst to transform its procurement capabilities. Thanks to an integrated ecosystem of solutions, the business has automated its strategy-to-pay process, and is generating deeper insights to inform better decision-making.

It’s no longer business as usual for procurement. The scale and speed of transformation required to address market disruption is extraordinary.

Success requires a blueprint for turning disruptive events into opportunities to drive competitiveness and growth.

This is what the future demands of procurement. Contact us today to start moving forward.

KPMG helps clients leverage emerging digital and automation technologies to address procurement challenges.

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