There’s no doubt new technology is catalyzing the evolution of procurement’s role in the enterprise. A recent article from Spend Matters notes that what sets world-class procurement organizations apart is the use of digital technology. Surprised? You shouldn’t be. Just like most other areas of your organization, leveraging technology enables procurement teams to stamp out inefficiency and save time.
While the article analyzes the impact of technology on procurement labor costs (read the full article here), another good example of how technology helps procurement be more effective is spend data analytics. Armed with technology-driven insights, procurement teams can better understand their spending patterns, identify areas for improvement and create more value.
Earlier this year, Corporate United launched a reporting and visualization solution to its members. The new Category Insights Platform provides our members with a comprehensive view of their spend data, with the ability to sort, filter and drill down at various levels. Our members gain actionable insights from the from their spend data, and apply those insights to improve their indirect spend programs in much less time and with fewer resources.
The article, What Sets World-Class Procurement Organizations Apart? Use of Digital Technology for One, continues to explain that “typical and world-class procurement organizations alike stand to benefit from digital transformation” – and we agree. It’s clear that technology will continue to drive the procurement function forward, especially as procurement teams continue to adopt solutions that drive efficiency and maximize savings.
Technology Meets Category Analysis and Reporting
Corporate United is now powering a data-drive approach to category management with the Category Insights Platform. With 24/7 access to key program and spend data, our members are empowered to make smarter purchasing decisions and drive program-wide improvements.
Interested in learning more? Watch our video, and contact us to get all of the details from our member development team.
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