Optimize procurement with standardization and technology

The volatile environment for supply chains requires organizations to leverage all the tools at their disposal, including technologies such as AI. Organizations must devote time to standardizing their procurement processes to yield the most benefit from technology adoption.

Growing technologies such as AI offer organizations an opportunity to drive efficiency within procurement. To ensure they fully benefit from these technologies, organizations must standardize processes to target areas for improvement.

The infographic below shows the breakdown of procurement costs for many organizations as well as the adoption rates for AI in procurement.

For more on this topic, read: Invest in procurement to enhance digital transformation

 

About APQC

APQC (American Productivity & Quality Center) is the world’s foremost authority in benchmarking, best practices, process and performance improvement, and knowledge management (KM). With more than 1,000 member organizations worldwide, APQC provides the information, data, and insights organizations need to support decision-making and develop internal skills. Learn more.

This content includes median values sourced from APQC’s Open Standards Benchmarking database. If you’re interested in having access to the 25th and 75th percentiles or additional metrics, including various peer group cuts, they are either available through a benchmark license or the Benchmarks on Demand tool depending on your organization’s membership type.

APQC's Resource Library content leverages data from multiple sources. The Open Standards Benchmark repository is updated on a nightly cadence, whereas other data sources have differing schedules. To provide as much transparency as possible, APQC will always attempt to provide context for the data included in our content and leverage the most up-to-date data available at the time of publication.

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