What is Procurement Transformation?

What is Procurement Transformation?

Procurement has emerged as an essential aspect of a business and is undergoing constant evolution. Herein, it becomes important to understand what procurement transformation is. Procurement transformation is the strategic effort taken to change the way procurement is managed inside the organization inorder to improve efficiency and effectiveness.

Procurement transformation include steps like process improvement, technology improvement, organizational restructuring and strategic sourcing.

In the present context, procurement is believed to have strategic importance for a business by helping it achieve sustainable results by overhauling legacy processes and practices. Procurement transformation has gathered considerable pace in modern times due to the element of uncertainty brought in by the pandemic.