The New ‘Business-Norm’
What is driving the Next Wave of change in Procurement?
1. Shift towards Business Process Automation and ‘Data-driven’ Approval Routing and Workflow.
2. Priorities of procurement leaders and their teams have rapidly shifted from running sourcing processes and negotiating contracts to partnering with business leaders so that they can immediately understand leaders’ requirements and bring in new suppliers to ensure short and long-term supply and business continuity.
New changes have created new challenges for procurement:
- Working with a largely remote workforce of procurement teams, business stakeholders and suppliers who are quarantined or ordered to stay at home.
- Obtaining approvals and being able to track and audit the flow of approvals for much needed supplies
- Finding new ways to work with suppliers. Based on your organization and the need; perhaps globally. Likely a network of suppliers across multiple countries and locations
- Identifying new suppliers in categories that are unchartered territory, such as health and safety equipment for employees affected by the pandemic
- Executing risk-mitigation plans to ensure disruption is minimal across the value chain, with alternate suppliers who can step in when one supplier is affected
During this unprecedented period, many leaders are seizing the opportunity to invest in new capabilities that will provide immediate relief while delivering sustainable value indefinitely. One global aerospace firm recently sourced a COVID-19 crisis management service supplier in approximately nine business days, from initial concern about the pandemic to award and agreement. The traditional weeks-long sourcing process simply would not have been an option when needing a supplier who could begin work almost immediately to ensure business continuity.
Additional opportunities for sustainable capability investment include the following:
- Operational capabilities for agility and quickly adapting to different situations
- Adopting processes and systems that provide immediate information access and global visibility for all stakeholders
- Improving and streamlining execution of workflows and key tasks from management throughout the workforce
- Promoting cohesive, cross-organizational collaboration and communication across all business functions
- Building reliable, self-service business processes that can be run securely and safely from anywhere
Innovation is sparked by high levels of disruption
COVID-19 has highlighted the ability of individuals and businesses to adapt. Global isolation efforts aimed at curbing the spread of COVID-19 have led to people modifying the way both businesses operate. Digital alternatives are seeing spikes of enormous proportion as business leaders, employees, workers, trading partners of all demographics are utilizing new technologies to collaborate, stay connected and operate in different ways.
Procurement is no different. ‘Business-as-usual’ approaches are no longer enough for procurement functions if they are to continue operating effectively and achieving the right results. Team members are hungry, willing and wanting of the changes that automation can bring as they have come to expect the same immediate, user-friendly experience at work as they have in their personal lives.
About ISS Group
ISS Group has been providing IT Solutions and Services to the QAD User Community since 1995. Our primary focus is to deliver seamlessly integrated, Business Process Automation Solutions exclusively to the QAD User Community that improves the flow and control of QAD ERP related business processes.
Get in touch with us today and see how you can automate QAD business processes such as Purchase Requisitions/Order Creation, Accounts Payable (AP Automation), Unplanned Issues and Receipts, New Item Creation, Sales Order Creation, Capex Budget Requests, Journal Entries, Customer Credit Limit Maintenance, HR & Benefit Requests….. and much more.