By: ProcurementIQ Staff Writer, Ashley McKay
Day by day, the world we live in is becoming more and more digital. With technology and data becoming a huge part of the business world, various departments throughout organizations are adopting technologies to help keep up with the changing times and needs of the business.
The procurement function, specifically, is growing in so many ways. Departments are working towards becoming more strategic, changing their reputation to become a more relied on department, building relationships within the organization to help increase spend under management and much more. And, now, many procurement departments are preparing for their digital transformation.
As the department goes digital, there are skills team members will need to better operate in a digital era. In February, The Hackett Group released a report by research director, Laura Gibbons, and, Amy Fong, which outlines “Six Critical Skills for Procurement to Succeed in a Digital World” and highlights steps to take to build on those skills.
The Skills You Need
- Business acumen: “Business acumen is fundamental to elevating procurement’s role as a trusted advisor,” says the report. As the world becomes more digitalized, it’s also important to be business savvy. Knowing how economic trends can impact business is a major part of the role. However, it’s even more critical to know what changes are necessary and how to implement those changes to reduce risk for the department and the overall organization.
- Data analysis and reporting: “Big data will change the way procurement organizations use information.” We’ve all been hearing so much about big data and the impact it will have on business. Numbers are now a necessity when it comes to making business decisions. Being able to dig into analytics and develop solutions based on the story that the numbers tell should be a priority as procurement goes digital.
Click here to learn more about these skills and read The Hackett Group's full report.