Sustainability has been touted as the next big disrupter that organizations will face after COVID-19. Unlike the unexpected and unplanned disruptions from the global pandemic, however, sustainability risks are certain to materialize in the future. Sustainability and corporate social responsibility have shifted from a “nice-to-do” to a “must-do.” How does an already stretched organization make sustainability and social responsibility a reality? Through a process-first approach.
Done well, sourcing and procurement can drive value and competitive advantage for an organization. Those that optimize their sourcing and procurement departments through well-defined procure-to-pay processes and strategic automation can focus their employees on supplier relationship management, creating long-term, mutually beneficial partnerships.
Analyst Insight: Eighty-three percent of participants in APQC’s quick poll research report that their supply chains are undergoing digital transformation. Yet despite the widespread embrace of this major organizational change, digital transformation in many supply chains suffers from the lack of a consistent definition and overarching strategy. As a result, rather than realizing the strategic integration of multiple technologies, too many organizations are solving discrete business problems with one-off digital solutions.