Where are you on your digital journey, and what barriers do you need to overcome within your organisations? Lubos Libiak, Customer & Delivery Executive at Cirtuo in the Czech Republic, shares with SmartProcurement his concern that many organisations have the budgets available, yet they’re still unable to advance on their digital journey.
Businesses in Africa will be able to identify with this problem, knowing that the potential in going digital far outweighs the disadvantages, such as data security, which companies across the world have managed to resolve.
I found this visual by the international accounting firm, EY, to be very interesting for a number of reasons.
Firstly, it shows the various technologies and their adoption among the Procurement community – not many are being used at scale, meaning there’s a significant room for improvement and development for many organisations.
Secondly, investment trends show considerable potential for improvement. 40% of companies were on track to underspend against their budgets for digitisation, and an additional 20% were unsure of their budget or didn’t have one. On the other side, many companies are ready to invest significant amounts to help speed up the digitisation process.
This highlights the biggest barriers to innovation as:
- Resource and capability
- Limited scope and decision-making
- Focus on operational/tactical activities and
- Budget constraints
Those organisations which have the budgets should start spending in faith that digitisation is the future for procurement, without a shadow of a doubt.
By Lubos Libiak, Customer & Delivery Executive, Cirtuo
