ABSTRACT
This chapter discusses the framework for adapting to the organizational changes that a 21st-century approach to procurement will require. chief procurement officers need to rethink the value added by procurement within the company. With the new opportunities provided by digitalization and big data, traditional organizational boundaries between research and development, manufacturing, procurement, and, in some cases, the entire supply chain will become increasingly blurred. The purchasing of services will increase dramatically, for example, leading to a need for many new and different contracting approaches to ensure that companies receive the best value for their money. Digital technologies will help procurement increase collaboration, analytics, and engagement using a spectrum of tools along the entire procurement value chain, from planning and sourcing to contract negotiations, order delivery, payment, and supplier management. These technologies vary greatly in their impact and current technological maturity.
