Written by: Amy Cornforth
Posted on: 06/01/23
Digital Transformation in 2023
It’s 2023 and Digital Transformation is more important than ever! The question is – what have you been doing throughout 2022 to transform and optimise your supplier management processes?
At Trade Interchange, our aim is to deliver supply base confidence through a streamlined solution, and reduce the costs, risks, and complexities associated with managing a supply base, therefore we had market research conducted on our behalf, to help us to pinpoint particular pain points people encounter in supplier management, to assess where they have been having trouble operating at the highest level of efficiency in their processes.
Based on a sample of 57 participants across supplier management functions, only 26% collect supplier information by rekeying the information passed on by suppliers into spreadsheets, whilst 5% of the sample’s systems are still paper-based.
This demonstrates that most organisations are digitising their supply bases, therefore, it is important for organisations to continually invest in new technologies, beyond simply moving from paper to digital spreadsheets, to optimise processes and help to achieve operational excellence.
ARCUS® Supplier Management Software consists of nine modules and several plug-ins dedicated to streamlining and digitising the source-to-contract process, as well as product onboarding and innovation. Additionally, our new Analytics module offers a visual, configurable oversight of your supply base.
We also asked our sample where they lose the most time, and 65% responded that they lose time primarily to repetitive administration.
Process Automation is among the number of digital transformation technologies that are growing in relevance. Automation refers to technologies that eliminate or reduce any need for manual intervention. This isn’t to render the professional obsolete, but to increase their productivity by providing them with the capacity for more complex work by reducing the level of repetitive administration that could otherwise be automated.
51% of our sample believed that an advantage of automation was that it offered more capacity for professionals to work on more thoughtful, high-value work, as opposed to repetitive administration.
Using Task Intelligence, ARCUS® Supplier Management Software’s process automation feature, tasks will be scheduled based on the attributes specified during the configuration of the workflow. This allows a company to fully map out the individual stages of a task and have them automatically sent to the correct personnel upon completion.
To learn more about ARCUS® Supplier Management Software, have a look at the video here.