According to The Hackett Group’s 2017 Key Issues Study, 84% of procurement organizations believe that digital transformation will fundamentally change the way their services are delivered over the next three to five years. Yet only 25% say that procurement has the right resources and competencies today to execute that transformation. This lack of confidence in procurement’s readiness for digital business is accompanied by a sense of heightened anxiety about risk. Executives ranked cybersecurity as their top business risk for 2017 and expect problems in this area to get worse. Nevertheless, the enterprise “march to digital” continues unabated, with twice the number of respondents reporting transformation initiatives are under way this year. If these projects are to succeed, procurement will need to hone its capabilities and apply them to guide business stakeholders in their transformations.
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