Overcoming Procurement Challenges Post Pandemic. April 21, 2021
Given the challenges provided over the past year to the global economy, it now appears to be on a recovery path into the second half of 2021, though significant challenges still lie ahead. After a year of tough decisions and uncertainty, Procurement teams are still faced with cost restrictions on new and existing external spend. One of the key challenges is to come up with a corporate level spend model that reflects the current as well as post-pandemic financial realities.
Over the last few years, Procurement moved up the corporate value chain as a valuable and strategic contributor, but the need of the hour for Procurement leaders is even greater. The call for action is to retool the Procurement service fulfillment with predictive outcome capabilities to harness the right contract, at the right terms, for the right given set of goods and services. The technology which enables these value requirements will drive the delivery of these value needs.
So, how do Procurement leaders create a predictive-outcome partnership model? The answer is to ensure an effective, robust, collaborative, simple, easily adoptable, scalable, flexible Spend Management solution that provides businesses with real-time information along with automating the core functionalities associated with the purchasing cycle.
Raindrop enables businesses to start and realize their value journey with a modern spend management platform. Automate and control the entire Source to Contract cycle, from spend planning, sourcing, contracting, ordering, and back through the renewal. Raindrop provides spend visibility across multiple systems, and identifies opportunities for cost savings and cost containment, and delivers on the necessary functionality to fulfill your Procurement processes and harness the value of your investments.
Over the next 12 months, as business recovery becomes the priority for many organizations, Procurement leaders will be actively challenged with retooling their business processes and consolidating systems, by reducing their cost footprint and delivering more capabilities for less.
Raindrop’s frictionless and integrated platform architecture was designed from the ground-up to provide deeper capabilities through Artificial Intelligence (AI) and Machine learning (ML), offering rapid insights on external spend from planning through operation. This enables businesses to reduce their various digital Procurement point solution systems footprint, while actively streamlining processes, and recouping thousands of dollars in operational and capital expenses.