In this episode of Great Question: A Manufacturing Podcast, Robert Furhmann and Ranjeet Mukherjee of Accenture outline how organizations are shifting from reactive procurement processes to connected, data-driven workflows that enhance agility, resilience and strategic value amid global disruptions.
The podcast summarizes the main takeaways from their article The Rise of Connected Procurement.
Below is an excert from the podcast and article:
Global shocks, regulatory volatility and inflation continue to disrupt global supply chains, making procurement a critical driver of agility and competitive advantage. Many organizations, however, remain stuck with outdated, reactive processes. Manual workflows limit organizational focus, supplier insights are locked in fragmented systems and talent gaps are widening as new digital skills become critical. Existing systems struggle to adapt to rapid market and economic changes, leaving businesses exposed and unable to respond with speed or confidence.
As the cost of inaction grows, CXOs are starting to act. Economist Impact’s 2024 survey of global C-suite executives showed procurement is moving out of the back office: 83% of executives now say it plays a vital role in managing enterprise risk, up from just 64% the year before.
While many organizations have digitized parts of their procurement process, few have truly connected them. The next step in reimagining procurement is connection. Connected procurement integrates every stage of the source-to-pay process, from strategic sourcing, contracting, purchasing to payment, into a seamless, data-driven workflow. By breaking down silos and creating real-time visibility, it makes procurement faster, more transparent and less prone to variances, laying down the groundwork for greater agility and resilience.
Procurement is also emerging as a prime candidate for autonomy, as many tasks are repetitive and rules-based. Moving to autonomy represents a business model shift that integrates data, AI insights and flexible sourcing for faster decisions.
Read the full article: The Rise of Connected Procurement.
About the Podcast
Great Question: A Manufacturing Podcast offers news and information for the people who make, store and move things and those who manage and maintain the facilities where that work gets done. Manufacturers from chemical producers to automakers to machine shops can listen for critical insights into the technologies, economic conditions and best practices that can influence how to best run facilities to reach operational excellence.
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