Technology has been driving innovation in business for the last several decades resulting in more efficient workflows and cost-savings. At the same time there has been a trend towards globalized procurement as a means of finding the best products at the lowest cost. Digital technologies can help global procurement services through the following methods:
• Electronic Sourcing and Vendor Management – by digitally managing vendor information and keeping supply bases current, businesses can take advantage of online marketplaces, reduce costs and have visibility into suppliers at a strategic level.
• Contract Management – digital forms and contracts promote the easy exchange of information and simplify negotiations providing better process analysis and optimization.
• Cost and Performance Review – by having all supplier and contract information available in a central database businesses can perform cost and performance reviews and manage risk more easily. These can be used support overall decision making and improved efficiency and productivity.