In the current climate, expensive IT infrastructure projects are off the agenda. Procurement needs to focus on applications that can demonstrate quick and tangible returns that feed in directly to the bottom line. There can be little doubt as to the benefits that technology has brought to procurement in recent years.
CPOs and buyers are now able to automate virtually the entire purchase-to-pay process, driving efficiencies in terms of time and staff. At the same time, spend analytics and supplier and contract management tools allow them to make use of detailed supplier and category information that will provide the ammunition with which to secure better rates and rationalise their supplier base.
Where "mature" companies feel they are in terms of procurement technology, how procurement departments are investing in technology ?