Category Archives: Featured Posts
In my previous post, I defined seven of the most common procurement technology terms: cloud, platform, digital, solution, point solution, suite, and legacy system/solution/suite. They are commonly misused or misinterpreted, a fact that (while completely understandable) makes it difficult to have clear conversations about the differences and benefits of available procurement technology.
Over the holiday break I came across a recent article in Forbes Magazine. A Forbes study, conducted jointly with Hitachi of 573 global companies, reveals that just 13% of them have integrated digital technologies enterprise-wide, and 51% plan to dedicate 10% or more of revenues to digital transformation over the next two years.
Featured Resource: How supplier management is impacting organizations more than ever. Advice: It helps to treat suppliers as customers. That seems basic, but consider why so many organizations are just now adopting that attitude. Truth is, supplier management is evolving fast; it’s critical to not only catch up, but to get ahead of the curve.
Procurement technology has changed a lot over the last few decades. The terminology we use to describe the technology we have today versus the technology we want/need in the future, or are reading about in industry literature, has changed as well. Unfortunately, even the most common terms in our field are used to imply a variety of applications and functionality, but often with no clear definition.