For organizations of all sizes, developing a more efficient procurement process in order to reduce costs has long been a priority. The approach to achieving this was one of steady, incremental progress over a number of years.
Enter the pandemic and resulting supply chain disruption, changing consumer demands and the switch to remote working. The associated challenges have forced procurement teams into rapidly needing to develop their procurement processes.
Those still operating manually have suffered the most and subsequently, procurement automation has shot right to the top of the priority list. This is a procurement trend that we highlighted back in January and is now fully materializing as organizations look to make a number of improvements to their procurement process, as quickly as possible.
According to US-based business technology engineering and consulting firm, Levvel Research, a lack of visibility/control over spending, high maverick spending, unclear or lengthy requisition or approval processes and frequent off-contract or off-budget spending rank amongst the top procurement challenges for those teams lacking automation, all of which have been exacerbated by the pandemic.
In our latest blog, we highlight the challenges that procurement teams have experienced throughout the last year with an in-depth discussion on the benefits that automation rapidly brings to the procurement process.
Read the blog, here.