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“Buzzword: an important-sounding usually technical word or phrase often of little meaning used chiefly to impress laymen.” From the Merriam-Webster dictionary.

For anyone interested in procurement, and in procurement technology, in particular, it is practically impossible to go a day without hearing or reading something about Big Data, Artificial Intelligence, Cognitive Procurement, Digital Assistant, etc.

Given all this hype, it is no surprise that the digital transformation of Procurement is high on most CPOs’ agenda. However, that doesn’t always mean that these organizations know what “becoming digital” entails. A recent report by The Hackett Group shows that most lack a clear strategy:

“84% of procurement organizations believe that digital transformation will fundamentally change the way their services are delivered over the next three to five years. Yet only 32% have developed a strategy for getting there.”
 2017 Key Issues Study, The Hackett Group.

The rapid pace at which technology is evolving introduces a wide range of opportunities and challenges
. To stay ahead, it is important that procurement organizations prepare themselves for “digital culture shock.” To effectively prepare for the future, they need to assess:

  • where they stand today on the digital Procurement landscape
  • what value new technology could add to their organization

These are essential first steps in building a digital roadmap.

To help organizations get on the right track, we have created a survey for our readers. Its aim is to measure:

  • which technologies are seen as the most important by practitioners
  • to what extent organizations expect to benefit from improved performance
  • which aspects of new digital technology are already integrated into processes like Category Management and Supplier Relationship Management

The survey will also serve as key input for our upcoming study “Digital Procurement 2017: Just Hype or the New Standard?” This report will provide readers with benchmarks and recommendations on how to become a digital organization  Readers who participate in our survey will receive a free copy!

This post originally appeared on POOL4TOOL.

Image Courtesy of Shutterstock.

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