Procurement has undergone a significant transformation in recent years. Despite turbulent markets and supply chain disruptions, it has evolved from a cost-saving function into a strategic risk manager, product strategy advisor, sustainability advocate, and value creator. With this shift in perception, organizations seek ways to enhance their capacity for delivering diverse business value.
The evolution of procurement is greatly enabled by digital tools and technologies, particularly AI and machine learning. While these innovations hold the potential to reshape how procurement teams operate, it's important to note that technology alone cannot address all the challenges faced by modern procurement teams.
To unlock the full strategic and value-creating potential of modern procurement, digital capabilities must complement and extend human expertise. This paper explores the opportunities in digital procurement and guides organizations on how to apply the right technologies within an optimal operating model, enabling them to become digitally empowered and insight-driven, thereby meeting the high expectations set for modern procurement teams.