The Road Less Traveled: Procurement Transformation
Often times we hear about digital transformation as a means to survive in the digital era, but we rarely hear about the steps that organizations must take to get there. The challenge lies in the fact that optimizing key business processes and engaging customers means taking a look at people, processes, technology, and metrics. Digital transformation is not a singular process, instead, it is a multitude of practices that departments must undertake. As organizations ready themselves to compete in an evolving marketplace, procurement and supply teams must undergo a transformation as well.
The role of global procurement and sourcing has seen a dramatic shift as the pressure to generate savings means taking proactive responsibility for managing risk and compliance. With that being said, organizations are also taking notice of the tremendous value-add of procurement teams. What was once a cost reduction-focused function is now a facilitator for strategic enablement. By acting as a strategic partner to vendors and suppliers, procurement functions play a fundamental role in driving digital transformation across the organization. Procurement teams must be deliberate as expectations evolve, and it is time to rise to the occasion.
Digital disruption equips organizations with the knowledge and opportunity to innovate by leveraging data to enhance procurement teams. This process requires the right technology. Here’s how businesses can utilize Seal Software for procurement transformation:
Manage changing priorities
To reach your desired outcome, you must first understand where you currently stand. By working with the end in mind, Seal provides a scalable solution for your existing supply management operation. Identifying opportunities for improvement allows procurement teams to better manage legal and regulatory exposure while delivering actionable insights to key stakeholders. Seal’s AI-powered technology gives teams complete visibility into their contracts to enable better decision making and reduce risk. As procurement objectives become broader and results must be delivered on a shorter timeline, Seal identifies rogue spend and extracts necessary risk and compliance details in a cost-effective way.
Create a plan of action
When working through your procurement transformation strategy, organizations should review existing procurement functions as they gauge technology adoption. Seal’s contract analytics allows users to create a prioritized action plan based on new contract insights. Procurement teams are then able to:
- Identify clauses and categories to prioritize
- Examine compliance with organizational policy (e.g., anti-bribery)
- Calculate opportunities and deliver results
Look to the future
Emerging technology is vital to digital transformation. Seal Software’s AI-powered technology presents organizations with the opportunity to leverage data to uncover hidden opportunities and automate contract review. With Seal, procurement and sourcing teams are able to plan for the future and drive even more business value. Procurement transformation is a journey and with 360 view into supplier information, supply management operations are equipped with the tools to proactively anticipate market changes and risk. This insight and ability to forecast business opportunities gives organizations a significant advantage as they navigate their own transformation.
To learn more, listen to our Procurement Insight webinar or better yet, join us next week at ProcureCon West to see firsthand how to leverage our award-winning AI-powered technology for your procurement and supply teams.