Driving growth in volatile times: Five ways Procurement can be a vital growth engine for your business
Shifts in demand, rising prices, labor constraints, supply shortages, and economic uncertainty have put a dent in profits. With C-suite support, Procurement can gain the transparency and agility required to make informed decisions and fuel efficiencies, savings, and growth. 문서 다운받기Insights based on Economist Impact research
Five ways Procurement
can be a vital growth
engine for your business
Driving growth in volatile times
Five ways Procurement
can be a vital growth
engine for your business
Driving growth in volatile times
Businesses today are urgently trying to boost
revenues. But too often, they’re forgetting that
Procurement is a powerful engine to fuel and
ignite the growth they crave.
Shifts in demand, rising prices, labor constraints,
supply shortages, and economic uncertainty have
put a dent in profits. According to research from SAP,
58% of companies have seen their revenue decline in
the last three years. 1
For many businesses, growth remains stalled, and
they are relying on Procurement to restart that engine.
Why Procurement? Because it all comes down to
two areas – costs and supply assurance – and
Procurement impacts both.
1. The key to reining in costs lies in predicting what will
be spent and with whom. Doing this requires deep
visibility across categories – from direct and indirect
to external services and contingent labor. The
manual processes and disparate systems that have
traditionally driven procurement processes – and in
many cases still do – create opacity.
2. Companies have had to quickly find new sources
of supply and plan collaboratively with their trading
partners in order to maximize agility and resiliency.
That’s been essential to keep their businesses
moving, and safeguard the resources – from
microchips to talent – they need to deliver on
point and on time.
How can Procurement help? With C-suite support,
Procurement can gain the transparency and agility
required to make informed decisions and fuel
efficiencies, savings, and growth. How? By embracing
technology that supports the entire procurement
discipline, all spend categories, and all critical
business processes Procurement affects throughout
your company. At the same time, Procurement
can engage with a business network to discover
new sources of supply. The right procurement
technologies – including strong AI capabilities – are a
game-changer in driving better business performance.
And companies need that, especially right now.
Let’s show you how we can fuel
your company’s growth engine.
Fast-track to a demo
In this paper, we’ll explore five key
ways that Procurement can drive
growth in these challenging times:
Managing costs1
Mitigating supply chain risk2
Igniting new product
development3
Driving sustainability4
Accessing skilled talent
on demand5
Start your engines
INTRODUCTION 1 2 3 4 5 CONCLUSION
2Procurement as a vital growth engine for your business
revenues. But too often, they’re forgetting that
Procurement is a powerful engine to fuel and
ignite the growth they crave.
Shifts in demand, rising prices, labor constraints,
supply shortages, and economic uncertainty have
put a dent in profits. According to research from SAP,
58% of companies have seen their revenue decline in
the last three years. 1
For many businesses, growth remains stalled, and
they are relying on Procurement to restart that engine.
Why Procurement? Because it all comes down to
two areas – costs and supply assurance – and
Procurement impacts both.
1. The key to reining in costs lies in predicting what will
be spent and with whom. Doing this requires deep
visibility across categories – from direct and indirect
to external services and contingent labor. The
manual processes and disparate systems that have
traditionally driven procurement processes – and in
many cases still do – create opacity.
2. Companies have had to quickly find new sources
of supply and plan collaboratively with their trading
partners in order to maximize agility and resiliency.
That’s been essential to keep their businesses
moving, and safeguard the resources – from
microchips to talent – they need to deliver on
point and on time.
How can Procurement help? With C-suite support,
Procurement can gain the transparency and agility
required to make informed decisions and fuel
efficiencies, savings, and growth. How? By embracing
technology that supports the entire procurement
discipline, all spend categories, and all critical
business processes Procurement affects throughout
your company. At the same time, Procurement
can engage with a business network to discover
new sources of supply. The right procurement
technologies – including strong AI capabilities – are a
game-changer in driving better business performance.
And companies need that, especially right now.
Let’s show you how we can fuel
your company’s growth engine.
Fast-track to a demo
In this paper, we’ll explore five key
ways that Procurement can drive
growth in these challenging times:
Managing costs1
Mitigating supply chain risk2
Igniting new product
development3
Driving sustainability4
Accessing skilled talent
on demand5
Start your engines
INTRODUCTION 1 2 3 4 5 CONCLUSION
2Procurement as a vital growth engine for your business
With businesses and consumers under pressure
from high prices, managing costs effectively has to
be a clear priority for companies in every industry.
Underlining its importance, 36% of C-suite executives
in the 2023 Economist Impact research declared
cost management to be their number-one goal. 2
Procurement has a vital contribution to make here, not
least by maximizing visibility into all categories
of spend – right across the supply chain.
Introducing automation and intelligence into spend
management is crucial. For example, Procurement
can control unauthorized “maverick” spending by
using automation to direct employees to preferred
vendors, and letting them buy what they need with
just a few clicks. This drives value straight to the
bottom line. Automation helps to increase efficiency
within the procurement process as well. Streamlining
high-volume, low-skill tasks allows teams to react
more quickly to problems as they arise and focus
on more value-added work.
It’s been said that what you can’t
see can’t hurt you. When it comes to
managing spend, nothing could be
further from the truth. If you can’t see
it, you can’t control it. And if you can’t
control it, you can’t optimize it.
Muhammad Alam,
President and Chief Product
Officer, Intelligent Spend
and Business Network, SAP
“
”
1. Managing costs
INTRODUCTION 1 2 3 4 5 CONCLUSION
3Procurement as a vital growth engine for your business
from high prices, managing costs effectively has to
be a clear priority for companies in every industry.
Underlining its importance, 36% of C-suite executives
in the 2023 Economist Impact research declared
cost management to be their number-one goal. 2
Procurement has a vital contribution to make here, not
least by maximizing visibility into all categories
of spend – right across the supply chain.
Introducing automation and intelligence into spend
management is crucial. For example, Procurement
can control unauthorized “maverick” spending by
using automation to direct employees to preferred
vendors, and letting them buy what they need with
just a few clicks. This drives value straight to the
bottom line. Automation helps to increase efficiency
within the procurement process as well. Streamlining
high-volume, low-skill tasks allows teams to react
more quickly to problems as they arise and focus
on more value-added work.
It’s been said that what you can’t
see can’t hurt you. When it comes to
managing spend, nothing could be
further from the truth. If you can’t see
it, you can’t control it. And if you can’t
control it, you can’t optimize it.
Muhammad Alam,
President and Chief Product
Officer, Intelligent Spend
and Business Network, SAP
“
”
1. Managing costs
INTRODUCTION 1 2 3 4 5 CONCLUSION
3Procurement as a vital growth engine for your business