Technology is key in shaping the evolution of procurement


Technology is key in shaping the evolution of procurement
Ophelia Otto

Ophelia Otto

Industry Relations Lead

Procurement’s future is brighter than ever, but in order to live up to its full potential, the function must now be equipped with the right technology. AI-driven supplier scouting offers a foundational advantage to keeping your business competitive 

The journey from implementing requests to becoming a proactive internal consultant requires new skill sets and re-thinking of processes. For procurement, this is a long overdue transition and a big step towards the well-deserved centre stage spot in the supply chain as well as a seat in the boardroom. From entering orders and classic purchasing, procurement teams around the world have evolved to strategic sourcing and category management – an exciting and refreshing change!

It is clear that procurement’s digital transformation is essential to the future success of every organization, including the ability to be competitive and remain operational in a crisis. While there is always some risk with adopting new practices, the greatest risk for procurement could be to ignore technology”
Gregor Stühler, CEO & Co-Founder, Scoutbee

In 2021, more Chief Procurement Officers, strategic sourcing teams and Category Managers are involved early on in company developments and product design. New technologies empower procurement teams to proactively participate in critical endeavors such as innovation and sustainable development of the enterprise.

Digital Supplier Scouting is now a vital innovation for procurement

One of the top innovations for procurement today is the automation of supplier discovery – digital scouting. Whether it be for innovation, sustainability, cost reduction or risk mitigation purposes, the use of technology like Scoutbee’s Streamline allows procurement teams to not only stay ahead of their competitors, but to take strategic sourcing to a whole new level! Choosing the right supplier partners is not only vital to a company’s financial performance, but also its long term resilience and the sustainable and equitable development goals of any purpose-driven organization. 

Digital supplier scouting takes the pressure off previously time-consuming research, freeing up time to focus on the manifold new responsibilities that procurement teams face today. From ensuring stable supply to managing relationships and becoming a customer of choice, the ever increasing need to co-innovate with suppliers has given cause for progressive organizations to move from tactical to exclusively strategic sourcing. 

Dynamic and comprehensive risk management just a few clicks away

Scoutbee’s Streamline enables procurement teams to benchmark the existing supply base whilst monitoring for potential optimal alternatives in the market. With our game-changing technology, dynamic and comprehensive risk management relevant to our times, is just a few clicks away – adaptable to your current and future needs at any point.

The call for better solutions, automation of manual tasks and a general better positioning of procurement as a supply chain function has finally been answered. Now it’s time to step up, break down silos and take advantage of this exciting progress in the supply chain. 

Businesses understand the importance of Category Management

Category Management, a still young discipline, is growing in importance. Businesses of all sizes and across industries are increasingly understanding the importance of this function. Where Category Management is well defined and implemented, companies quickly reap the benefits from increased profitability to improved balances of cost vs quality and risk across the supply base. There is furthermore a growing trend from generalist to specialist purchasing and materials management in procurement organizations, another great development showing valuable quick wins.

Scoutbee helps to navigate the new world of sourcing 

True AI based and industry agnostic solutions like Scoutbee’s Streamline are here to help procurement and category management teams to navigate this new world of sourcing with its shifting requirements. With the widest possible pool of qualified suppliers always at your fingertips, and improved data-driven decision making and risk management on offer, it is time to leave outdated processes and solutions behind and move on to state-of-the-art, cloud based ways of working.

“It is the companies that have digitized that have proven to be the quickest to react and pivot with data and automation. With the right insights driven by vast amounts of data all working together to create a clear picture, procurement teams can manage their categories with far greater expertise and agility, earning a seat at the table as a value-creation center.”
Gregor Stühler, CEO & Co-Founder, Scoutbee

Streamline uses terabytes of supply chain data to fast-track your supplier scouting to only a few hours. Want to see Scoutbee in action? Explore our product tour and see how Streamline can transform your supplier discovery and insights, here

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