Over 50% of Procurement and Supplier Management Processes are Still Not Digital
- Despite the growing focus on artificial intelligence (AI) and digital transformation, more than 50% of procurement and supplier management processes remain non-digital.
- Many organizations still rely on manual, paper-based processes for tasks such as supplier selection, contract management, and purchasing.
- The lack of digitization in procurement and supplier management can lead to inefficiencies, errors, and delays.
- Digital transformation in procurement can help streamline processes, increase transparency, reduce costs, and improve overall efficiency.
- Implementing digital tools such as supplier management software, e-procurement systems, and electronic contract management systems can greatly enhance the procurement process.
- Organizations should prioritize digitizing their procurement and supplier management processes to keep up with the changing digital landscape and stay competitive in the market.