The days remaining in this fiscal year are slipping away quickly. All across the enterprise, decision makers’ attention is turning to 2019. The start of a new year brings new budgets – along with all their ups and downs. Procurement’s spend management mandate might lead one to expect that we have an inside line on securing funds, but this is not usually the case. Procurement teams have varying levels of visibility and influence during the annual budgeting process – especially when it comes to making the case for investment in our own technology. And an investment in digital procurement can be the difference between ‘getting by’ and ‘getting ahead’.
Procurement teams that have successfully transformed into a strategic and digitally-enabled function have stronger relationships with stakeholders and executive leadership. This is partially because of the increased access to information that transformation provides and partially because of reduced ‘static’ thanks to access to integrated, end-to-end digital procurement.
As high-tech and futuristic as ‘digitally transformed procurement’ sounds, it starts with one simple step: moving spend data and analysis out of applications like Excel or Sharepoint and onto a procure to pay (P2P) platform.
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