Digital Procurement Became the New Normal
The economic pressures resulting from the COVID-19 pandemic are forcing organizations to operate faster and more efficiently, and digital procurement transformation is front and center. Prior to 2020, most were merely tossing the idea of digital transformation around in meetings and conversations; in an instant, that changed. And suddenly, going digital became essential to a business’s survival. The conversation shifted from “should we transform?” to “how fast can we transform?”
Meanwhile, in the world of supply and demand, businesses and governments are recalibrating in the wake of the pandemic, specifically with regards to suppliers. They’re asking themselves, “which suppliers should we work with?”, “where do we need those suppliers to be located?”, “how do I manage risk and strengthen my supplier relationships?” and, critically, “how do I maximize procurement’s value in my organization?”. And with remote work becoming the predominant mode of operation, these objectives must be realized in a world in which face-to-face interactions are limited, at best.
New Normal, New Approach
Succeeding in a virtual working environment requires new tools and methodologies, and the right people with the right competencies to be successful. Although few organizations have remote working at their core, those that do provide a framework and support model. The ability to bring procurement professionals and leaders together in a virtual setting to solve critical problems will determine whether organizations will thrive in this new normal, and use the disruption to seize the opportunities it presents.
KPMG LLP (KPMG) has been Ivalua’s Global Partner of the Year for the past two years, and for good reason. Together they support organizations looking to transform procurement in 2020 and beyond, helping organizations increase value and minimize supplier risk, while also enabling them to adapt to remote work practices. Recent updates to the KPMG Powered Enterprise | Procurement enabled by Ivalua offering are helping clients adjust to the new normal and navigate the continued economic volatility in a post-pandemic environment.
With Disruption Comes Opportunity
KPMG and Ivalua have partnered, for some time now, to deliver a robust framework for procurement transformation. They work together to help streamline processes and enhance operating models based on the cumulative experience of KPMG and Ivalua implementations from across the globe. During disruptive times, they help organizations address their urgent needs while laying the foundation to transform further tomorrow.
To that end, Powered Procurement enabled by Ivalua is a combination of practices, processes, and technologies delivered to organizations, not just as a technology implementation, but as a blueprint for shaping their procurement transformation. Ivalua’s cloud-based Source-to-Pay solution is at the core of the offering, enabling organizations to leverage automation, predictive analytics, and cognitive learning to enable organizational agility, create value, and elevate the role of procurement. Key benefits include reduced implementation risks, increased efficiency and enhanced ROI.
Although Powered Procurement enabled by Ivalua is offered around the globe and has therefore always had a virtual delivery component, virtual delivery is now the norm for every engagement, regardless of an organization’s geographical location. This new reality inspired the team at KPMG to refresh its delivery model, technical assets, and configuration workbooks to reflect Ivalua’s latest product updates in the 8.164 release as well as a KPMG updated approach to remote design sessions. The assets developed in this release were prepared as part of KPMG Future of Procurement initiative, which focuses on how the Procurement organization of tomorrow will need to evolve their purchasing and sourcing capabilities to stay competitive in the marketplace.
KPMG design workshops are one example of how the assets have been refreshed. Workshop assets now accommodate delivery in a virtual environment with interactive elements throughout that clearly articulate the design decisions available, as well as the associated KPMG Powered Procurement recommendations. KPMG strives to make the transition from in-person to remote delivery seamless, so that an organization’s business transformation can proceed smoothly and seamlessly, despite people working remotely.
“We approach every Powered Procurement enabled by Ivalua engagement with a firm viewpoint and expert-developed technical assets based on the specific requirements of our client,” said Chris McCarney, Principal, KPMG LLP. “We’ve refreshed our delivery model and assets to be optimized for remote delivery and execution, so clients can realize the full potential and value of the Ivalua Procurement Platform.”
Power Up Procurement at Your Organization
Interested in Digital Procurement for your organization? Learn more about the collaborative efforts between KPMG and Ivalua and how they’re helping organizations like yours navigate today’s challenges while laying the foundation for future business agility and success.
Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities.