The procurement profession has grown by leaps and bounds, progress that would not have been possible without a constant focus on processes and data. Facts can – or should – drive strategic decision making, which makes them mission critical to everything an enterprise wants to accomplish.
As we continue our evolutionary journey, we have seen a growing emphasis on the digitization of procurement. Companies are redefining the role of spend management technology, positioning it as an accelerator and facilitator rather than as a replacement for procurement headcount. By focusing on technology’s contributions to decision making, we reinforce the notion that procurement is a source of insight as well as execution.
Despite our best efforts to base most decisions on fact, perception and emotion cannot be ignored. In fact, according to Harvard Business School Research, 95% of purchasing decisions take place in the emotional subconscious. Data is important, but if we want to measurably increase the impact procurement has on the business, we need to invest in broad business capabilities as well as enabling technology – ensuring that fact and action go hand in hand.
This constant balancing of data and insight, thought and fact, is The Art of Procurement. We believe that unwavering dedication to this balance is essential for the procurement profession to survive and thrive.
We are excited to see others recognizing the importance of The Art of Procurement. They join our movement because they want to partner with organizations who share their philosophy and are willing to push themselves above and beyond the crowd to achieve superior results.
In this spirit, we are delighted to partner with Ivalua to sponsor their Ivalua NOW event – named ‘Art of Procurement’. This two-conference series showcases procurement organizations who are successfully deploying the “art” of procurement to amplify their investment in technology.
We will be onsite in Paris and Chicago, interviewing innovative executives about their experiences and the lessons learned along the way.
My team and I will also be reporting from the event in real-time, sharing pro tips, spotlighting insightful presentations and presenters, and giving you an insider’s look at the best practices from leading procurement organizations.