Technology in Procurement Outsourcing (PO) Through the Lens of Tomorrow
20 Aug 2015
by
Rajesh Ranjan
Executive Summary
The role of a procurement organization is rapidly evolving from a gate-keeper that is singularly focused on cost optimization to a business collaborator helping meet strategic organizational goals. To successfully make this transition, procurement must position itself to effectively respond to the forces that will shape the future business environment. In order to effectively respond to these forces and capture emerging opportunities, procurement organizations will need to rethink their functioning, which will include revamping internal processes, sourcing new talent / training existing resources, and implementing a robust technology framework. In this context, technology plays a pivotal role in an effective transformation strategy. Investment in procurement technology is an immense undertaking and a key consideration for buyers is to ensure viability of the solution in the future.
Against this backdrop, this paper discusses the various aspects of the evolution of procurement technology and the features of a future-ready solution.
Note: this report is from 2012. See our most recent R2R research report.
The Finance & Accounting (F&A) function comprises three end-to-end processes – Procure-to-Pay (P2P), Order-to-Cash (O2C), and Record-to-Report (R2R). This report focuses on…