Organisations have increasingly focused on digitally transforming their operations to increase efficiency, make better data-driven decisions and reduce costs. As organisations transform, procurement is often among the last operations to evolve. However, digital transformation is a growing priority for chief procurement officers, which prompts the question, to what extent are organisations using technology to achieve their procurement goals?

Leaders that have grown up purchasing consumer products online now expect that buying option going forward. Meanwhile, managers are realising they can source supplies faster, from a wider base of vendors, often at lower prices, using e-commerce. Perhaps most important, digital solutions can ease the tactical, repetitive and often manual work involved in purchasing processes, freeing procurement teams to play more strategic roles in their organisation. Better data and analytics, for example, give procurement leaders the information they need to advance supplier diversity initiatives and drive progress toward sustainability goals while effectively managing spend through a complex web of vendors.