As supply chain pressures force businesses to adapt, procurement is quickly emerging as a more influential and strategic function than ever before. Along with exciting advancements in procurement enablement technology, these transformative developments are ushering in a new era for procurement. In a recent article, Sapphire explored this revolution in procurement — and the innovations that are rising to meet it – highlighting the Enable platform as a critical node in an ecosystem of solutions supporting the future of procurement.
The Essential and Evolving Role of Procurement
As the procurement function grows and evolves, it gains new responsibilities — and difficulties — along the way. Despite supply chain shortages and financial limitations, procurement teams are expected to manage more responsibilities with the same (or fewer) resources. For many years, technology struggled to keep pace with the evolving demands of the role, leaving many procurement teams and leaders to face these challenges on their own.
The struggles of the past few years have proven beyond a shadow of a doubt just how important procurement is when it comes to building strong and healthy supply chains, optimizing spending efficiency and maintaining critical visibility and transparency. To support this vital function, businesses are looking for the next game-changing tech innovations in procurement enablement.
Enable and Other New Tech Are Ushering in the Future
Amidst these evolving demands, several innovative technologies have risen to the challenge, propelling the future of procurement into exciting new territory. The procurement landscape is witnessing the emergence of cutting-edge software solutions encompassing demand forecasting, analytics, sourcing, onboarding, payments, risk management and relationship management. Sapphire identified Enable as one such advancement in the field of relationship management, highlighting the platform’s robust rebate calculation and forecasting features designed to help businesses manage complex rebates efficiently and boost the performance of their trading programs.
By streamlining workflows, Enable frees up valuable time and resources, allowing procurement teams to focus on strategic initiatives. The cloud-based platform facilitates cross-functional collaboration, promoting shared knowledge and alignment across teams with a single source of truth. Moreover, Enable's analytics provide actionable insights from intricate data, revealing valuable opportunities for spending optimization. As procurement evolves, Enable empowers teams to make informed decisions and collaborate effectively for maximum strategic impact.
Enable equips businesses with the means to deftly navigate and administer complex rebate programs, enhancing the performance of their trading endeavors. Innovations such as Enable underscore the transformative power of new technology, reshaping the procurement field and setting the stage for a future where efficiency and strategy reign supreme.
The Bright Future of the Field
Sapphire believes that technology has only just begun to unlock the true potential of procurement. With recent breakthroughs in AI and other new technology, the field is in for an exciting and transformative period of profound innovation, one which will likely see procurement take an even more strategic and proactive stance as advanced tech empowers procurement teams to explore new methods and pathways. With powerful tech solutions like the Enable platform helping to streamline time-consuming processes, provide invaluable data insights and facilitate effective collaboration, the future of procurement is in good hands.
Learn more about the strategic future of procurement (and how you can prepare your team with strategic sourcing) in our blog.