As many enterprises begin planning for a post-pandemic world, procurement leaders are finding creative solutions to ensure business continuity far into the future. In the past year alone, the office of procurement has gained significant momentum in evolving from a tactical organization to a strategic partner to the business.
One way organizations are fast-tracking this shift is by leveraging cloud spend management systems to automate sourcing tasks. In a new report by Harvard Business Review Analytic Services, 45% of procurement leaders surveyed say the pandemic has dramatically accelerated their plans for automation.
Often reliant on manual processes, spreadsheets, and email chains, the office of procurement has been historically overlooked when it comes to digital transformation. And while some teams may leverage traditional enterprise resource planning (ERP) software, those legacy systems can be complicated for users and slow the process even more.
To close this digital acceleration gap, leading procurement teams are turning to intuitive, cloud-based solutions for sourcing automation, helping team members evolve from reactionary to strategic roles. According to a McKinsey & Company report, nearly 56% of the source-to-pay process could be largely automated using technology.
By automating tasks like data entry, project and savings tracking, and supplier