Give a warm welcome to the new kid on the digital procurement block: ProcureTechSOURCE. The all-in-one platform developed by the dynamic trio of ProcureTech, Craft and SecurityScorecard sets out on a mission to show off the diversity and innovation of companies shaking up the procurement process.
Those within the procurement sector are, no doubt, anticipating the attractive novelty of ProcureTechSOURCE and the revolutionary benefits it could bring to the industry. The programme is powered by proprietary intelligence, includes digital procurement vendor data, and is systematically assessed by cybersecurity experts, guaranteeing its users peace of mind.
The development of the platform arrives at a time where the digitalisation of procurement is seen as more important than ever, with increased cyber-attacks disrupting the processes and the pandemic temporarily putting on hold the transformation of an area in dire need of rapid modernisation.
“The procurement environment is evolving at an increasing pace, with digital solutions able to simplify, expedite, and improve the process dramatically,” says CEO of ProcureTech, Lance Younger, acknowledging the role each partner company brings to the development and the potential for success of ProcureTechSOURCE. “ProcureTech, Craft and SecurityScorecard are partnering to create an intelligent, collaborative platform to help make this shift happen.”
Developing a new, intelligent digitised platform for the enhancement of the procurement process
The ProcureTech100 - a list of the top 100 evolving global digital procurement solutions - and ProcureTechSOURCE were born through the combination of science, intelligence and experience with rapidly developing industry data and analytics from a network of over 4,000 companies, as well as customer reviews and opinions sourced from leaders within the procurement sector. While, admittedly, quite a mouthful, the creation process was undeniably and impressively thorough, with the platform’s priority for success at the heart of its development.
“We’re excited about uniting powerful data sources to enable companies to make informed supply chain decisions and gain access to the best digital procurement solutions available,” says CEO of Craft, Ilya Levtov. “ProcureTech fills a critical gap in the market, showcasing companies that offer the technology to meet complex selection criteria, especially when selecting technologies with supplier risk, diversity, and sustainability in mind.”
Digital procurement isn’t as easy as it seems
However, as the digital world continues to expand, with it comes the ever-increasing risk regarding cybersecurity. The constant requirement to update, upgrade, and, in some cases, create new systems altogether is gradually becoming more vital for the assurance of security within the digital procurement sector, something Aleksandr Yampolskiy, CEO of SecurityScorecard, is avidly aware of.
“We see this partnership as an opportunity to further the importance and role that cybersecurity plays in the procurement process in the interest of making it a table stakes requirement for all companies and their respective procurement teams.”
But the digitalisation of the procurement process hasn’t been, nor continues to be, all smooth sailing. Covid-19, climate change, and cybersecurity issues all play a part in the disjointed innovation of procurement and its delayed transformation in comparison to other sectors. Seb Butt, General Manager for EMEA at Craft, notes the growing demand for procurement digitalisation globally and what this has, as a consequence, resulted in for the procurement sector as a whole.
“Procurement has not been prioritised when allocating digital transformation time and resources in the past few years, but this is changing. Through a combination of unprecedented disruption due to the pandemic, supplier challenges related to cyberattacks, shipping delays, geopolitical competition, human rights violations, and extreme climate events - enterprises have had to re-think what’s important for them - supplier resiliency is at the top of that list and digitalisation is a cornerstone.”
The trio of partners is hoping the creation of their new platform will make some progress in digitising and improving an industry that has, as of yet, been uncoordinated in its transformation. For a sector that, quite literally, no industry is able to operate without, ProcureTechSOURCE seems to be advancing in the right direction towards increased procurement security and efficiency.