The globalization of business has led to a boom in procurement. To stay competitive, organizations must now source goods and services from all over the world. The way an organization procures goods and services directly impacts its bottom line. This has created a need for a new breed of procurement functionality to help navigate the complexities of the current global supply chain. Procurement has mainly been a paper-based process, storing data in disparate systems and silos. This makes it difficult for organizations to get a complete picture of their spending. However, innovative technologies are emerging that are modernizing procurement functionality and capabilities. For example, spend management solutions can provide organizations visibility into every aspect of their spending, from supplier contracts to invoices and payments. Organizations can enhance spend management solutions to help achieve operational efficiencies by leveraging data and analytics to improve how an organization procures goods and services. By collecting and analyzing data from the procurement process, organizations can evaluate every aspect of their supply chain. With this information, organizations can make better decisions about procuring goods and services. Additionally, organizations can use more robust spend management solutions to predict future spending patterns and prescribe strategies for reducing costs. In short, new, and innovative spend management solutions have the potential to modernize procurement from a back-end process into a strategic function that drives innovation and competitiveness. PwC’s Procurement Excellence services powered by SAP can help organizations evaluate and plan spend management implementations to support various business outcomes. SAPinsider recently sat down with Rajiv Jain, Director at PwC, and Guminder Sandhu, Principal at PwC, to provide insight on this critical topic within our SAPinsider community. Watch the video of the conversation here: