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Reaching New Levels In 2015

Now we are back into the full swing of work from the holidays, we are once again asking the same question – What is this year going to bring?

Well Procurement in 2015 will be won by those who seize on the new reality of a connected world.

Technology is making us more effective and efficient in our work; tools are being constantly developed to help us become more strategic so we are always making the best decision we can.

In 2015, procurement is being taken to a new level where using new tools are going to transform the way we work; helping us gain a better visibility on contracts, suppliers, reporting and strategic planning. The new level of procurement is defined by shifting from ‘old school’ systems and spreadsheets that slow down our work day and instead putting funding towards software that offers innovative solutions, which will handle our data management and reporting activities.

Did you know, new approaches such as the cloud can allow procurement to capture more than 80% of spend under management? What else is coming out of the new world of technology that is not only helping our savings?

Let me lay down three key features that will optimise and update your procurement and contract management systems this year:

  1. Cloud
    Cloud-based procurement technologies are gaining ground. Systems that integrate cloud computing offer procurement teams an opportunity to redefine their purchasing activities and improve levels of utilisation. A cloud based system is centralising unlimited amounts of information and data to help you work better together. Secure access where-ever you are and when-ever you want, means off premises access which lowers the cost of doing business in every part of the procurement process. Using a system that is cloud-based allows better control of data so nothing gets missed; providing you with richer business intelligence.
  2. Business Intelligence
    Data, information, documents, and the facts and figures – A procurement team’s principal priority is to drive and master their data management this year. Improving data management means better business intelligence to facilitate automated spend analysis. Systems that offer a robust data management functionality offer opportunities to extract valuable insights from massive amounts of data rolling in from across the organisation, to then gain deeper insight into strategic sourcing efforts.
  3. Supplier Management
    When it comes to suppliers, procurement teams are finding it hard to get data in place. You need to know as much as you can about your suppliers, because if you don’t know your suppliers, you are not going to manage them well and the procurement outcome will be below standard. To improve data consistency and manage supplier information, an active supplier intelligence function will bring you to this new level of procurement data management. A supplier intelligence function will enable you to have all the information you need from suppliers but also measures supplier performance, and how they comply with legislation and ethical standards.

This year procurement needs to bring more than just savings… Innovation is the key to adding value to your business. Procurement needs to increasingly become more agile, to focus on becoming more efficient – one way, the use of emerging technology in the procurement process.

Looking to optimise and update your procurement systems and reach new levels in 2015?

Take a look at our Contract Management Systems: Accord, and get in touch for more information…

Posted by Olivia Davies