Reasons Why Procurement Tech Fails with Richard Beaumont

In Episode 71 of The Supply Chain Show ™, Dr. Muddassir discussed "Reasons why procurement tech fails" by Richard Beaumont - Procurement Expert.
The significant discussion points are:
The Purpose of Contracts: The conversation highlights the belief that contracts should not just be seen as legal documents for worst-case scenarios but as guidebooks for how relationships should work. It emphasizes the importance of proactive planning and mutual understanding in contracts.
Challenges of Procure Tech: There's a discussion about the challenges companies face in adopting procurement technology despite the significant investment made post-COVID. These challenges include dropping adoption rates, companies not fully understanding or utilizing the technology, and problems with data management and integration.
Training and Onboarding: Proper training and onboarding are important for technology adoption. It's not just about teaching users how to use the software but also providing context and explaining why it's important for their workflow. The discussion stresses the need for senior practitioners' involvement and ensuring alignment with existing processes.
Data Cleansing and Maintenance: The conversation underscores the criticality of data quality for the success of procurement technology. It advises against implementing new technology before ensuring that the data is clean and properly maintained. Additionally, involving finance and supply chain teams in the process is highlighted as essential.
Driving Adoption and ROI: The focus shifts to the importance of driving adoption to achieve the desired return on investment (ROI) from procurement technology. The discussion explores the role of effective training, testing, and continuous support in ensuring that users embrace and utilize the technology effectively.
Business Model and Solution: The conversation concludes with discussing the speaker's business model, which revolves around bridging the gap between technology providers and their clients. The speaker offers training services to both technology providers and chief procurement officers to ensure the successful adoption and utilization of procurement technology.
#procurement #technology #fails #scmdojo
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[@UsamaGulfam]

start watching from 5:55

[@SCMDOJO]

If someone starts watching from 5:55, they will miss out on the questions Richard is answering and, hence, won't get the context!