• Advertise
  • Contact Us
  • About Us
  • Supplier Directory
  • SCB YouTube
  • Login
  • Subscribe
  • Logout
  • My Profile
  • LOGISTICS
    • Air Cargo
    • All Logistics
    • Express/Small Shipments
    • Facility Location Planning
    • Freight Forwarding/Customs Brokerage
    • Global Gateways
    • Global Logistics
    • Last Mile Delivery
    • Logistics Outsourcing
    • LTL/Truckload Services
    • Ocean Transportation
    • Rail & Intermodal
    • Reverse Logistics
    • Service Parts Management
    • Transportation & Distribution
  • TECHNOLOGY
    • All Technology
    • Artificial Intelligence
    • Cloud & On-Demand Systems
    • Data Management (Big Data/IoT/Blockchain)
    • ERP & Enterprise Systems
    • Forecasting & Demand Planning
    • Global Trade Management
    • Inventory Planning/ Optimization
    • Product Lifecycle Management
    • Sales & Operations Planning
    • SC Finance & Revenue Management
    • SC Planning & Optimization
    • Sourcing/Procurement/SRM
    • Supply Chain Visibility
    • Transportation Management
  • GENERAL SCM
    • Business Strategy Alignment
    • Education & Professional Development
    • Global Supply Chain Management
    • Global Trade & Economics
    • HR & Labor Management
    • Quality & Metrics
    • Regulation & Compliance
    • SC Security & Risk Mgmt
    • Supply Chains in Crisis
    • Sustainability & Corporate Social Responsibility
  • WAREHOUSING
    • All Warehouse Services
    • Conveyors & Sortation
    • Lift Trucks & AGVs
    • Order Fulfillment
    • Packaging
    • RFID, Barcode, Mobility & Voice
    • Robotics
    • Warehouse Management Systems
  • INDUSTRIES
    • Aerospace & Defense
    • Apparel
    • Automotive
    • Chemicals & Energy
    • Consumer Packaged Goods
    • E-Commerce/Omni-Channel
    • Food & Beverage
    • Healthcare
    • High-Tech/Electronics
    • Industrial Manufacturing
    • Pharmaceutical/Biotech
    • Retail
  • THINK TANK
  • WEBINARS
    • On-Demand Webinars
    • Upcoming Webinars
    • Webinar Library
  • PODCASTS
  • VIDEOS
  • WHITEPAPERS
Home » Blogs » Think Tank » Future-Proofing the Business With Digital Buyer Technologies

Think Tank
Think Tank RSS FeedRSS

Future-Proofing the Business With Digital Buyer Technologies

A hand types at a computer keyboard
July 18, 2021
Todd Heimes, SCB Contributor

Over the last year, 85% of mid-sized to large B2B buyers reported procuring more of their business needs online. The majority (96%) anticipate that their organizations will continue to do more purchasing online, even after pre-pandemic business functions resume.

The shift to increased e-procurement has the potential to create benefits for business buyers, such as operational improvements and more efficient cost management. But to fully realize those benefits, buyers might need to adopt purchasing technology that aligns with the organization’s digital transformation goals.

Procurement leaders now have an opportunity to drive strategy and digital resilience in their organizations. By aligning digital tools such as online purchasing, automation and real-time reporting with digital transformation efforts, operational efficiencies can be achieved across the entire business.

A recent report by Amazon Business on B2B E-commerce in Evolution, surveying buyers and sellers across the U.S., found that many procurement professionals are focused on cost containment in the year ahead. More than a third of buyers cited reducing costs among their top procurement priorities. While last year’s focus was on adjusting to the changes the pandemic created for businesses of all sizes, facilitating a more resilient future is now top of mind.

Many buyers are looking for ways to optimize costs, boost productivity, and streamline purchasing activities. Their number-one self-reported priority for 2021 is increasing efficiency in the procurement department. Integrated digital solutions can help achieve this goal. Document storage and sharing, approval workflows, mobile applications, expense management and enhanced security protocols not only benefit procurement; they also improve effectiveness across the organization.

The pandemic underscored the usefulness of such tools. Businesses that were further along in their digital transformation journeys before the shift to remote operations were better able to adjust, maintain operations, and ultimately gain more market share.

Now, more organizations are investing in digital systems that help maximize operational efficiencies and develop resiliency. These technologies enable procurement teams to focus on value-add activities such as strategy, rather than time-consuming manual processes.

The desire to reduce procurement costs and realize greater efficiencies is driving the increased adoption of digital purchasing tools. But championing e-procurement systems doesn’t just affect the purchasing team. The entire business can benefit from improved operational effectiveness, helping the organization to become more agile and competitive. Following are three steps to guide transformation efforts.

Develop a digital transformation roadmap. According to a study from Harvard Business Review, only 24% of procurement functions reap the full value of digital tools. Technology adoption that lacks a strategic vision won’t transform how your department functions. A transformation roadmap can help to fully realize the benefits that digital tools offer.

Companies should first establish clear objectives and outcomes aligned with the larger organization’s goals. This will prevent transformation efforts from occurring in silos. A roadmap should identify your current maturity level and detail a multi-year execution plan to get the business where you want it to be.

Empower your buyers. Eliminating overcomplicated approval workflows, paper invoices, manual data entry, and other outdated processes will give you back time and budget. As you undertake your digital transformation effort, look for channels with features that provide consumer-like purchasing capabilities.

A commanding majority of buyers (91%) prefer e-procurement over traditional buying routines. They cite enhanced product range, competitive prices and order speed as the top benefits. E-procurement channels with guided buying features, multi-user accounts, and the ability to set spending limits enable buyers to be more independent and efficient, without going over budget.

Lean on reporting and analytics. Data and analytics can help you make better purchasing decisions and increase organizational agility, so you’ll want to look for e-procurement channels that offer visibility into purchase history.

Analytics capabilities help to identify purchasing trends, streamline reconciliation, and identify opportunities to optimize spend, such as supplier consolidation, bulk purchasing and tax exemptions. Additionally, real-time tracking helps the organization manage investments in certified or sustainable businesses to meet diversity or sustainability goals.

Ultimately, digital transformation can help procurement teams contain costs, develop efficiencies and build digital resiliency across their organizations. With the time saved through these efficiencies, buyers can focus on contributing to overarching business goals, such as supplier diversification and opportunities for innovation. As technology evolves, procurement change champions can foster long-term transformation and continued growth for their organizations.

Todd Heimes is director of Amazon Business.

Sourcing/Procurement/SRM E-Commerce/Omni-Channel

RELATED CONTENT

RELATED VIDEOS

Subscribe to our Daily Newsletter!

Timely, incisive articles delivered directly to your inbox.

Popular Stories

  • DOCUMENTS BEARING THE INSIGNIA OF US CUSTOMS AND BORDER PROTECTION LIE ON A TABLE

    New CBP Regs Call for Greater Diligence by Brokers in Reporting Security Breaches

    Freight Forwarding/Customs Brokerage
  • A WORKER IN A WAREHOUSE, SUPERIMPOSED WITH GRAPHICS SHOWING SUPPLY NETWORK

    Enabling Intelligent Visibility With Supply Chain Analytics

    Data Management (Big Data/IoT/Blockchain)
  • A GROUP OF WORKERS RANGED IN AN OFFICE, OF DIVERSE RACE, GENDER, AGE AND PHYSICAL ABILITY

    Podcast | The Supply Chain Workforce of the Future Is Already Here

    HR & Labor Management
  • A HAND TURNS A LARGE, LIGHTED DIAL WITH THE WORD RISK ON IT iStock-NicoElNino-1364371014.jpg

    Measuring KPIs and KRIs for Comprehensive Supplier Performance Management

    Technology
  • INSIDE A WAREHOUSE, TWO HANDS HOLD A TABLET COMPUTER SHOWING A MAP OF THE WORLD

    Five Ways to Increase Supply Chain Visibility

    Data Management (Big Data/IoT/Blockchain)

Digital Edition

Scb nov 2022 sm

2022 Supply Chain Innovator of the Year

VIEW THE LATEST ISSUE

Case Studies

  • New Revenue for Cloud-Based TMS that Embeds Orderful’s Modern EDI Platform

  • Convenience Store Client Maximizes Profit and Improves Customer Service

  • A Digitally Native Footwear Brand Finds Rapid Fulfillment

  • Expanding Apparel Brand Scales Seamlessly with E-Commerce Technology

  • How a Global LSP Scaled its Security Program and Won More Business

Visit Our Sponsors

Orderful Yang Ming Alithya
Barcoding Blue Yonder BNSF Logistics
CoEnterprise Data Capture Deposco
E2open GAINSystems Generix
Geodis GEP GreyOrange
Here Honeywell Intelligrated IFM
Infor Inmar Keelvar
Kinaxis Korber Lean Solutions Group 2H
Liberty SBF Locus Robotics Logility
LogistiVIEW Lucas Systems MCA Connect
MPO Nvidia Old Dominion
OpenText ORTEC Overhaul
Parsyl PMMI QIMA
Redwood Logistics Ryder E-commerce by Whiplash Saddle Creek Logistics
Schneider Dedicated Setlog Holding AG Ship4WD
Shipwell Tecsys TGW Systems
Thomson Reuters Tive Trailer Bridge
Vecna Robotics Verity
Verusen
  • More From SCB
    • Featured Content
    • Video Library
    • Think Tank Blog
    • SupplyChainBrain Podcast
    • Whitepapers
    • On-Demand Webinars
    • Upcoming Webinars
  • Digital Offerings
    • Digital Issue
    • Subscribe
    • Manage Your Subscription
    • Newsletters
  • Resources
    • Events Calendar
    • SCB's Great Supply Chain Partners
    • Supplier Directory
    • Case Study Showcase
    • Supply Chain Innovation Awards
    • 100 Great Partners Form
  • SCB Corporate
    • Advertise on SCB.COM
    • About Us
    • Privacy Policy
    • Contact Us
    • Data Sharing Opt-Out

All content copyright ©2023 Keller International Publishing Corp All rights reserved. No reproduction, transmission or display is permitted without the written permissions of Keller International Publishing Corp

Design, CMS, Hosting & Web Development :: ePublishing