Tuesday 31, October 2017 by Jessica Combes

Digital transformation reduces strategic sourcing costs and cycle times by 30 per cent

 

BravoSolution Tejari, a leading global strategic procurement provider, will host a webinar in conjunction with The Hackett Group around the procurement benefits of digital transformation.

The webinar will take place on 7 November and be based on findings from The Hackett Group’s 2017 Sourcing Time and Cost Measurement study.

According to the report, which surveyed organisations across a variety of industries, including pharmaceuticals, biotechnology and life sciences, energy, and IT services, companies devote an average of 16 full time staffers to the sourcing process for every $1 billion in spend. This suggests procurement teams are stretched very thin and there is significant opportunity to leverage automation to increase efficiency and effectiveness.

“Digital transformation is the foundation for teams looking to speed time to value and achieve real procurement effectiveness,” said Kurt Albertson, Principal at The Hackett Group. “Automating crucial, manual processes can help category managers reduce spend in specific areas, identify fresh opportunities for savings, and reallocate time spent on tactical procedures to more strategic initiatives–all obstacles for even the most mature procurement organisations.”

The webinar will highlight the tangible benefits of procurement automation and offer best practices for teams embarking on their digital journey. The Hackett Group’s research found half of all strategic sourcing time is currently spent in the supplier evaluation and negotiation phases, making these areas prime candidates for automation with software supporting supplier discovery, eSourcing and contract lifecycle management. The benefits of digitally transforming these processes are compelling.

Dan Quinn, Senior Vice President at BravoSolution MENA / Tejari, said, “The Middle East is witnessing business innovation and advancement through digital technologies. Strategic procurement tools provide organisation’s with an opportunity to develop solutions that add value to their businesses, transform their processes and drive results. Automation is at the heart of the digital imperative and this research is just one of the many resources BravoSolution Tejari is offering to support teams along their path to digitisation and enterprise transformation.”