N.K.Balanarayanan is a certified SCM Executive for CII and SAP MM certified . He has brought 7 years of versatile experience from industry leaders like L&T Construction, Genpact, Verizon Data Services and The Boeing Company. He is expert in IT procurement and sourcing. His passion is to become a Information Technology & Data analytics Commodity leader with a zeal of sharing knowledge with like-minded people and impart training to management graduates craving Supply chain as a focus area in career.
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As Digital transformation in procurement sweeps across the globe, not limited to fortune 500 companies, most of the small and medium organizations are looking to use technology to improve the process efficiency and reduce cost across business units. Procure to Pay is nowhere an exception in the transformation. To make wise purchasing decisions, improve the transparency and manage the maverick spend are some greater potential of Digital software. Procure to pay has a huge impact in the organization, as it develop building trust and improved communication with our key suppliers. It’s really important to transform digitally, but at the same it’s imperative to know how and what to do while we transform, as it direct connect with organization vision and cost. This article will outline the challenges, pitfall, and some best practices when we step ahead for Digital transformation of Procure to pay system.
Procurement or Supplier Management has been evolved as one of the finest profession from simply a buying function. Professional education, technology and supply chain as a function gives it a very good name and fame for aspirants.
Inventory monitoring and control is the major aspect for any materials management dept irrespective of any industry. However, it will be crucial in case of multilocation construction company. It may lead to more resource optimization and fund locking in any company and generates profit.