Emerging Digital Trends In Spend Planning, Buying, Financing

As it has in past global crises, how large organizations spend will define post covid recovery efforts. Spend managers are more often tasked with making sure they get value for money.

Procurement policies and resources are key in making sure organizations’ capital deployment objectives are met. In uncertain times, any insight that can ascertain a decision making goes a long way to provide comfort.

To support this, most organizations have implemented ERP systems to support their planning, finance, and procurement functions but we are seeing the need for more data to inform decision making.

The need for a holistic and more intelligent approach in spend management has never been more underscored. Strategic spend management requires a strong business intelligence framework.

This can only be achieved with the right technology that understands the contexts of the business and its objectives. Technology is changing how businesses are done around the world. The evolution in technology is something businesses can’t run from.

According to Grace Murichu, Deputy Commissioner, SCM, KRA & Council Member, KISM, technology in spending in a business start at the planning stage.

“In fact, if one wants to find out something, the first place to run to do is to Google. Artificial Intelligence is changing how things should be done. Businesses have no other choice but to embrace technology. Businesses that provide solutions will benefit from technology, not just replacing,” she said.

Ms. Linda Osundwa, the Supply Chain Management Specialist & KISEB Board Member says “How can businesses control spending? Spend management is not just about cutting costs. It is about supply, risks, and balancing. Technology is the best way to achieve this.”

According to Linda, IT is the only way to add value to a business. IT is helping businesses get access to customers out through real-time conversations. She says it is only through the embrace of IT that businesses will sail through the Covid-19 pandemic.

Linda says when doing digital transformation, you need to be careful. There are so many solutions but it might lead to confusion. Identify your digital needs. “If you don’t know what you want, you will not get what you want.”

Kevin Waki, Head of Product, xetova Inc. while speaking at the Forum said that technology is how fast can we do and perform functions. The future is AI and analytics in businesses.

“The procurement professionals need to understand how to use technology to ease day-to-day activities. Understanding the new technology and what it means for businesses has been a challenge especially in large organizations. The adoption of robotics could help save time used in the manufacturing space,” he said.