As businesses begin to return to their offices, departments will likely be receiving emails from the CFO explaining that corporate-wide budgets will be reduced until the company fully returns to regular business operations. This likely means any large technology investments will be on hold. For procurement, this also means working harder to uncover additional areas of savings to help the bottom line.
With large technology investments on hold, and a need to find new saving opportunities, procurement must explore creative methods to modernize their organizations without taking on a high cost, resource-intensive technology engagement.
Recently, Gartner published a report entitled, “Win Big by Starting With High-Value, Low-Risk Procurement Applications” that discusses the benefits of focusing on smaller-scale, high-value issues before larger, higher cost projects.
The report reveals some of the key challenges faced by organizations in this current state of global uncertainty. Among those challenges are budget cuts that will likely stall any larger technology investments, the impossible nature of trying to solve corporate compliance issues and an inflexible procurement process at the same time, and the role restrictive company policies play when selecting the best overall solution.
The report offers recommendations for businesses eager to improve their procurement and sourcing applications. A few of the recommendations include, “Get quick wins by starting with high-value, low-risk solutions. This builds momentum for future projects and drives an immediate return on investment. Improve both process speed and user compliance by targeting more complex, high-volume manual processes. Build an optimal vendor strategy by mapping out business requirements and goals. Pick the vendor or vendors that can deliver on those goals.”
The paper goes on to note, “By 2023, organizations that invest in upgrading sourcing and procurement technology will reduce costs by an additional 30% compared to their industry peers.”
With a singular focus on simplifying and streamlining the procure to pay process for organizations and a rapid time to ROI, the BuyerQuest Platform fits well with companies trying to minimize expenditures but maximize return.
Read the full Gartner Report, “Win Big by Starting With High-Value, Low-Risk Procurement Applications”
Learn more about BuyerQuest Procure-to-Pay
Gartner, Win Big by Starting With High-Value, Low-Risk Procurement Applications, Micky Keck, 28 May 2020.