Global Best Practices - Technology
Technology is an important area of public procurement given increased dependence on technological hardware and software. It's absolutely critical for procurement professionals to identify and implement the right technological tools and services to aid the procurement process and support their organization's overall strategy. In general, technology used for public procurement should create measurable results that can be directly linked to return on investment (ROI). Specifically, technology should lead to a decrease in transaction costs, the reduction of "maverick spending," and shortening of cycle times. Technology should also offer several improvements, such as improved operational efficiency, transparency, and inventory costs. This practice describes different types of procurement technologies along with the benefits that technology can offer and considerations for procurement professionals before implementation decisions. It highlights best practices for implementing technology that will result in significant improvements to organizational ROI while also leveraging it as vehicle to driving overall strategy. As valuable as technology can be, it must be used to facilitate the execution of a sound business strategy.