Press release
Procurement Organizations Can Achieve Breakthrough Improvements by Embracing Digital Technology
The Hackett Group’s New Digital World Class™ Standards Raise the Bar on Procurement Performance MIAMI & LONDON--(BUSINESS WIRE)-- By fully embracing digital
About this update from The Hackett Group, Inc.
[{"type":"text","content":"\nThe Hackett Group’s New Digital World Class™ Standards Raise the Bar on Procurement Performance\n\n MIAMI & LONDON--(BUSINESS WIRE)--\nBy fully embracing digital transformation, procurement organizations can achieve superior levels of efficiency, effectiveness, and customer experience, including 25% lower cost, 2.5x greater procurement ROI, and more, according to new Digital World Class™ procurement research from The Hackett Group, Inc. (NASDAQ: HCKT).\n\n“For decades The Hackett Group’s benchmarks have been the gold standard by which most global companies measure world-class performance in procurement and other business services. Now, with the growing impact of digital transformation, The Hackett Group is raising the bar further with its shift to a Digital World Class measurement standard. Our new research details how highly technology-enabled organizations are achieving new levels of peak performance,” said The Hackett Group Vice President, Research Erik Dorr.\n\n“The results are impressive. But the bottom line is straightforward. Our research provides empirical evidence of the impact that digital transformation is having,” said Dorr. “For years, companies have been making incremental improvements, optimizing processes, cutting costs and reducing transactional labor to reach world-class performance. But new technologies allow many companies to fast-forward to Digital World Class levels of operational excellence and business value. And they can get much of this benefit by overlaying digital technology on their existing systems, rather than embarking on large-scale infrastructure changes.”\n\nA public version of the research, “Digital World Class Procurement: Reaching New Heights in Peak Performance” is available free, with registration, at http://go.poweredbyhackett.com/procdigwc2106sm. It contains more than 30 metrics detailing the performance of Digital World Class procurement organizations. But here is a summary of key research findings:\n\nGreater Efficiency – Digital World Class procurement organizations demonstrate their operational excellence in the form of greater efficiency. They now operate at 25% lower cost than typical procurement organizations (i.e., peers) and 6% lower cost than traditional world-class procurement organizations, despite having greater spend on technology. For a $10 billion company, this represen...