Procurement organizations can execute work with 25% fewer full-time equivalents (FTE)s and at a 17% lower cost than they do today by adopting smart automation – a category of technologies that includes robotic process automation (RPA), smart data capture, conversational interfaces, cognitive automation and agile orchestration – to optimize structured knowledge and interaction work.

Furthermore, world-class procurement organizations that deploy smart automation technologies in new use cases to execute work that is already highly technology intensive may find themselves positioned to realize a digital world-class productivity advantage of up to 55%. These findings – part of a new analysis that combines The Hackett Group’s benchmarking data and digital expertise – highlight the size of the smart automation prize.

To deliver on that potential, though, procurement organizations must adopt new ways of deconstructing and analyzing work to identify optimization opportunities and determine the right smart automation tools to apply. They will also need to take targeted actions to mobilize the organization for the journey.

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