What is Procurement Transformation?

Over the years, procurement has evolved from a tactical function focused on reducing costs into a strategic business function that can drive more value. As procurement is now expected to play a larger strategic role and help achieve sustainable results, it must overhaul legacy processes and practices and replace them with fast, agile processes. Growing uncertainty in the aftermath of the pandemic has compelled many businesses to accelerate procurement transformation.

Related Terms

What is P2P?What is Procure To Pay?What is Procurement Data Management?What is Procurement KPI?What is Procurement Technology?