CPO Rising Listicle: Open Your Mind to New Technology (5 Reasons) - CPO RISING - THE SITE FOR CHIEF PROCUREMENT OFFICERS & LEADERS IN SUPPLY MANAGEMENT

Fridays (in 2024) means that it’s time for another CPO Rising Listicle. Each list will include a variety of procurement tips, trends, insights, research, lists, strategies, and/or recommendations designed to help procurement teams improve operations. We’ll also include a summary graphic for you to share with your team.

If you’ve been following our weekly “Magnus Mondays” series (which we know you are), Magnus writes extensively on procurement technology and trends (see Related Research below). Evaluating and adopting new procurement technology is often at the heart of his articles.

Being open-minded and accepting of new technology is important for several reasons (see our list below), but it does not mean that you must be an early adopter of all technologies. Rather, you should assess your organizational capacity for new technology and employees’ proficiency in using and driving value from it before diving in headfirst. The main point/recommendation of today’s listicle is to keep an open mind.

Five Reasons to Embrace New Technology

Innovation and progress: New technologies often bring innovations that can significantly improve various aspects of our lives, from productivity and efficiency to convenience and quality of life. Embracing new technology fosters progress and encourages the development of solutions that can drive positive change in society.
Competitive advantage: Technology is a crucial factor in today’s highly competitive business landscape. Embracing new technologies can give organizations a competitive edge by enhancing their operations, streamlining processes, and enabling them to deliver better products or services. Technological advances can help businesses stay ahead of the competition and better adapt to market shifts.
Increased efficiency and productivity: New technologies often provide tools and systems that can automate tasks, streamline workflows, and optimize processes. Embracing these technologies can lead to increased efficiency, improved productivity, and cost savings.
Enhanced communication and connectivity: Technology has transformed the way we communicate and connect with others. From social media platforms to video conferencing tools, new technologies have expanded our ability to connect and collaborate on a global scale.
Personal and professional growth: Developing proficiency in the use of new technology will help procurement pros expand their knowledge and skills. It will also help you stay relevant on your current team and open up more opportunities for career growth.

Over time, new technologies will help many professionals harness their potential and excel within their current roles and teams. Harness and tame the new technology, don’t fear it!