On-Demand Webinar: Ivalua & PwC Assess Procurement's Future

Watch as procurement leaders from PwC and Ivalua examine the key findings from the consulting giant’s Global Digital Procurement Survey for 2024

Thanks to the challenges being posed by countless economic, geopolitical and environmental crises, procurement has become a more strategic function than ever before. 

Procurement departments are having to juggle an increasingly long list of priorities, with digital transformation, strategic sourcing, corporate social responsibility (CSR) and overall performance just some of those to feature prominently. 

What’s more, the urgent need for transparency and compliance is driving digital solution adoption at a rapid pace.

As organisations plot their roadmaps for the next few years, ambitious digitalisation targets are being set. According to PwC’s Global Digital Procurement Survey for 2024, procurement teams representing businesses based around the world are aiming for 70% digitalisation by 2027. 

The question procurement leaders must surely be asking is whether they are actually on track to achieve their digitalisation goals. 

During an insightful webinar hosted by our sister title, Supply Chain Digital, Patric Olsson, Director and Procurement Lead at PwC Sweden, and Henrik Nyberg, Sales Director for the Nordic region at Ivalua, take a deep dive into the results of the Global Digital Procurement Survey and chart a course for navigating the future of procurement. 

You can register to view the session HERE!

How digitalisation is transforming procurement

PwC’s fifth edition of the Global Digital Procurement Survey gathered the thoughts of senior leaders representing 1,000 procurement departments in 58 countries worldwide. 

Examining the current state of digitalisation in procurement, Olsson highlights that procurement performance, digital transformation and strategic sourcing remain priorities, with CSR tied in third place. 

“We also see that, in addition to traditional objectives of process optimisation and cost reduction, digital transformation is now also driven by a need for efficiency and transparency and compliance,” Olsson adds. 

Patric Olsson, Director and Procurement Lead at PwC Sweden

“This is also a result of new compliance regulations being in place. We see especially increased interest in this in Europe.”

What’s more, Olsson reveals source-to-pay solutions have emerged as a must-have within procurement functions, with almost every company (94%) using either a source-to-contract (S2C) solution or purchase-to-pay (P2P) solution in place. 

Turning his attention to the future, Olsson notes that SMEs continue to increase investment in the digital transformation of the procurement function, as opposed to larger companies where investment is stabilising. 

Olsson continues: “In the area of CSR, managing environmental issues is the top priority for procurement departments for the next three years.”

Unleashing the potential of GenAI

Nyberg uses a section of the webinar to advocate the use of generative AI (GenAI) within the procurement department. 

Henrik Nyberg, Sales Director Nordics at Ivalua

“One of the key success factors when using GenAI in procurement processes is that it is contextualised and the AI knows what it’s doing,” he says. “If I ask it about contracts, it should know what a contract is and where it can find data about contracts.”

He does, however, highlight the need for authorisation control to be maintained in a bid to prevent sensitive data from being leaked. 

“Theoretically, it’s very easy for AI to get all sorts of data from all sorts of systems, but not everything should be seen by everyone,” Nyberg goes on.

“So, when we give AI access to system information, we still need to apply normal authorisation controls so we don’t have data leaks.”

For more procurement insight and expertise from Ivalua and PwC, simply register here to watch the webinar in full.​​​​​​​

******

Make sure you check out the latest edition of Procurement Magazine and also sign up to our global conference series - Procurement & Supply Chain LIVE 2024 ​​​​​​​

******

Procurement Magazine is a BizClik brand

Share

Featured Articles

How Ivalua and Visa Will Unlock Capital within Supply Chains

Ivalua and Visa join forces to create new efficiency in spend management offering secure and efficient payment solutions via the cloud

AWS Marketplace: Streamlining Software Solutions

AWS Marketplace simplifies procurement for public sector organisations, offers compliance support & prevents vendor lock-in, revolutionising cloud services

Keith Hartley, LevaData CEO, on Philosophy and Procurement

Keith Hartley, CEO at LevaData, discusses how the first principles philosophy and design thinking can revolutionise procurement processes

Mars Snacking's Amanda Davies joins P&SC LIVE New York

Sustainability

Coupa Software’s Mike Schanker joins P&SC LIVE New York

Procurement Strategy

ServiceNow’s Kirsten Loegering joins P&SC LIVE New York

Supply Chain Management