Procuretech underinvestment is chronic and pervasive. That and more in this infographic from Vendorful and PGSCP!
The good news? Since underinvestment in procurement technology so pervasive, it doesn’t take much spending to have a major impact and turn Procurement into a competitive advantage.
In my opinion, the most impactful investment you can make is in supplier relationship management. But investing in e-sourcing via RFP or auction tools is also a great place to start.
If you are able to increase your investment in procurement technology, please do not run a traditional RFP to do so. The software RFP model is broken. But have no fear, there is a better alternative to the software RFP. And if you ignore my advice and run a software RFP anyway, please do yourself a favor and use RFP management software to do so.
