Reimagining Procurement for the Digital Economy
Success means making the right connections – and this is definitely the case in the world of procurement. Employees expect unhindered commerce without boundaries with fast access to qualified suppliers. If the business cannot provide that direct line, employees will go another direction that offers exactly what they want. Welcome to the digital economy, where maverick buying can be as easy to conduct as convenient as the closest mobile device.
Think Amazon. Think eBay. Think Apple iTunes store. Do your procurement process offer employees the same convenience? Better yet, are your processes agile enough to serve a workforce where uncertainty, complexity, and constant change is the norm? Are you giving employees enough benefits to follow procurement policies and best practices? Or are they working around the system and visiting their favorite e-commerce site which loses visibility, a chance to consolidate group purchases and optimize procurement across the company?
Seizing the digital advantage in procurement
A recent release of Ardent Partners’ annual “CPO Rising” study revealed that the top 20% of procurement organization are actively managing 90% of their business’ spend. As a result, these teams are achieving strategic results that are making their CFOs and CEOs happy. Compliance is 24% to 30% higher. More than three-quarters of spend is tied to a PO. Savings in sourced spending is 15% higher. And the supplier ecosystem is streamlined, qualified, and engaged.
Companies are still missing the opportunity to optimize purchases, most businesses are only reining in a little more than half (53%) of their spend. Most important, they are unable to achieve the compliance rates, savings, and supplier networks required to source strategically and help propel the entire business towards future success.
Embracing the digital economy can be complex, but cloud services from SAP makes it easier
What’s the difference between the top 20% and the rest of the business world? It’s innovation and agility. With these capabilities, procurement teams provide a buying experience that resonates with purchasers, agile processes that anticipate evolving business needs, and dynamic networks that keep up with the pace of technology.
At SAP, we view cloud technology as an enabler for seizing the promises of the digital economy. Cloud services from SAP can help unleash the power of this new economic revolution by focusing on your business needs and stripping away complexity with quick analytics, simplified processes, and a single platform supporting a comprehensive array of real-time applications. And yes, this is all done without losing any value gained from your legacy systems and without disrupting the business.
SAPPHIRE NOW: The three secrets of top procurement organizations
Want to learn the secrets of the top 20% and how SAP can help? Check out these sessions hosted by SAP Services & Support at SAPPHIRE NOW.
- Extend the Value of On-Premise Solutions Through Cloud Solution Integration
One secret of top procurement organizations is the ability to enhance on-premise processes with cloud and network solutions. Experience how Ariba Collaborative Sourcing can work with your SAP ERP application and how you can connect to the Ariba Network to improve collaboration with your suppliers and business partners.
- Improve Transportation and Logistics Collaboration in Your Business Network
Another secret? Collaboration with third-party shippers, carriers, and logistics service providers. Discover how the digital economy supports this new level of collaboration throughout your entire transportation management process.
- Take a Collaborative, Hybrid Approach to No-Touch Invoice Processing
And last, but not least, top procurement organizations master the art of automation where it counts. Doing so eliminates the need for exceptions, removes paper-based approaches, and yields significant savings from the accounts payable process. Explore best practices and lessons learned from a real-world digital transformation story. Hear how one company tapped into the digital economy by integrating invoice management solutions from SAP with the Ariba Network.
Ready to embrace the digital economy and its promises for better procurement? Join us at SAPPHIRE NOW to discover how you can achieve this transformation without disruption.