Supply Chain and Procurement Executives Are Driving More Value with Breakthrough Innovations
San Francisco, CA – November 5, 2010 – As part of its ongoing research into Procurement Innovation, ProcureAbilityTM today released its third prediction for the future of Procurement: The Virtual Procurement Organization. The prediction is based on insights garnered from Denali Group’s in-depth research with more than 50 Procurement and Supply Chain executives from a variety of Fortune 1000 corporations.
With fluctuating economic environments around the globe, Procurement organizations are being forced to use innovation to evolve into a mix of strategic in-house resources and virtual tactical resources. Procurement executives who can find a way to do more with less can leverage a variety of innovations that enable a high-functioning virtual organization.
The move towards the Virtual Procurement Organization is facilitated by a combination of innovations that optimize both strategic and tactical Procurement resources, including:
- Automation, Especially Cloud-Based Technology
- Formalized Procurement Center of Excellence (COE)
- Standardized Tools, Templates and Contracts
- Use of Supplier Value-Added Services
- Decentralized Transactional Procurement Activities
- Centralized Sourcing Execution
- Use of On-Demand Subject Matter Experts (SMEs)
“These exciting, rapidly-evolving technologies and methods are changing the face of the modern Procurement operation,” said ProcureAbility President and CEO John Evans. “Take for instance the benefits of Cloud-based technologies, which offer lower costs, increased scalability, increased flexibility, and faster deployment. These types of monumental changes not only accelerate cost savings, they also help grow top-line revenue and drive shareholder value.”
More in-depth information on Virtual Procurement Organization predictions can be found in Denali Group’s recently published Procurement Innovation Part III whitepaper: The Virtual Procurement Organization, which is available on the Denali Group website.
Procurement Innovation Predictions
Denali Group predicts additional areas of change for Procurement:
- Procurement Will Greatly Expand the Methods and Channels by Which It Adds Value
- Procurement Will Evolve Into a Mix of Strategic In-House and On-Demand Resources
- Procurement Organizations Will Reshape Their Expectations and Talent Compensation Models
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