Why Global Procurement-as-a-Service is the Next Frontier in Business Efficiency
Krishnan Venkat, Softtek
Technology has been a critical driver for innovation and efficiency in the last 20+ years, but the adoption of technology in the procurement process has not driven the expected efficiencies it has in other areas.
Enterprise procurement technology and corresponding procurement processes have become hopelessly complex. The solution? Procurement-as-a-Service, the intelligent use of cloud-based technology solutions and defined processes comprising five critical elements: Vendor Management & E-Sourcing, Contract Lifecycle Management, Spend Analytics, Cost, Risk and Performance Review, and Reporting Dashboards & Visualization tools. Procurement as a service helps enterprises reduce costs, improve efficiency and drive business results.