Make Procurement Awesome with Digital Revolution

In our lives, we procure what we love to have. In order to obtain and achieve our needs, we procure making procurement a lovable process in our daily lives.

Procurement is a much more complicated process when it comes to businesses. The entire success of any business mainly depends on how, when, where and at what cost the procurement is done. It is the beginning of the entire gamut of processes in any industry finally culminating in the sale of its final products to the end consumer.

Procurement management is the key factor to running a successful business because effective procurement is what helps a business to meet its goals and live up to the expectation of its stakeholders.

Hence it is inevitable that the entire procurement process right from managing the order, receipt of the goods, review and approval of the items received is made as enjoyable and awesome as possible.

Only when it is awesome, is when the people involved in this process would start loving what they do; and only when they love what they do, would it result in creating tangible results for the Company.

SAP Ariba has taken the initiative to create the awareness of how to make procurement awesome by addressing some of the wrong notions and myths about commonly misunderstood and even somewhat unknown but one of the most important business objective.

SAP Ariba in association with IIMM and IBM conducted a #MakeProcurementAwesome forum with a view to take the A in SAP Ariba’s awesome to a whole new level, wherein CPOs and procurement officers from leading business houses in India shared their views and opinions on business solutions and innovations that shape digital procurement.

The session was spearheaded by none other than the mastermind of digital procurement, the Chief Digital Officer and Senior Vice President of SAP Ariba, Dr. Marcell Vollmer, who threw open the session in grand style by taking the audience on a journey to an emerging digital marketplace that has a phenomenal market potential.

The industry leaders in the procurement picked the brains of the audience on whether the digital revolution is really worth the hype and the entire buzz that it is garnering, and whether it can provide real benefits to the procurement and supply chain strategies of a successful business.

The insightful sessions by the speakers, the panel discussions and the fireside chats reflected the dawn of the era of intelligent procurement, from the time of big data and advanced analytics to robotic process automation and artificial intelligence.

The pertinent question that everyone had in mind was whether procurement management was really ready for the digital revolution and the query was well addressed in the insights provided on driving supply chain excellence and intelligence through digital innovation, creating competitive edge through digital supply chain and the debate on the future of Design-to-Deliver supply chains.

The biggest buzzword today in the corporate boardrooms is definitely digital transformation. There is every reason for businesses to be well equipped to adapt digitisation as an important part of their business strategy since the rapidly advancing digital era is continuing to prove to be a major disrupter for not just business models but for businesses themselves.

With immense pressure to adapt quickly and efficiently, the C-suite leaders and business leaders of today consider automation of key processes, greater agility and higher quality as their main priorities. These perspectives of the COOs, CFOs and CDOs of the corporate world were shared in the #DigitalTransformation Summit 2018 conducted by the ETCFO, powered by ETCIO.com, an initiative from The Economic Times in association with SAP Ariba.

Dr. Marcell Vollmer, along with Mr. Abheek Barua, Chief Economist and Executive Vice President, HDFC Bank were the keynote speakers who kept the attending head honchos of Indian Corporates spellbound with their takes on Unlocking Business Values with Digital Trends and Reading the Indian Economy, in the event moderated by Ms Shalini S Dagar.

Procurement Management still remains the systematic approach used by businesses to buy all their goods and services needed by them to stay sustainable. However, with the advent of digital tools where information moves really fast, procurement management can be done far more effectively and efficiently than it was done in the past.

Plan, Align, Procure and Manage would always remain the actions that procurement management needs to guarantee best results, but adapting new innovative digital tools would just help them complete their tasks much more easily and quickly taking them lesser time to find suppliers, negotiate, enter into contracts and finally analyse the outcome.

In short, the digital revolution is surely going to make procurement awesome!

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