target audience: TECH BUYER Publication date: Apr 2019 - Document type: Web Conference Proceeding: Tech Buyer - Doc Document number: # US45003319
Sourcing and Vendor Management — A Critical Component of Digital Strategy
This IDC Web Conference identifies the top challenges identified by procurement, IT, and line-of-business (LOB) executives and discusses strategies for transforming procurement organizations from tactical administrative centers to strategic sourcing partners for the enterprise.
CIOs, CPOs, and business unit leaders overwhelmingly agree that technology sourcing and procurement is critical for digital transformation and legacy system modernization. Nevertheless, recent IDC research confirms that technology sourcing and procurement organizations are challenged to deliver what their businesses require.
IT and line-of-business executives report of their procurement organizations that:
- 54% do not understand business needs.
- 62% are undermined by shadow procurement.
- Only 10% work effectively within cross-functional teams.
Procurement organizations have a choice of transforming themselves or watching other enterprise organizations assume the responsibility for sourcing the technology that supports key business initiatives.