10Xing Procurement at DPW: Unlocking Value Through Visibility, Control, and Compliance

Last week I attended the Digital Procurement World (DPW) Conference in Amsterdam where procurement technology took centre stage.

As someone deeply invested in vendor and contract lifecycle management (VCLM) I was particularly impressed with the discussions around how procurement processes can be exponentially transformed or “10Xed” through the effective use of automation and artificial intelligence (AI).

The event's central theme "10x Procurement" resonated with me and the other 1300 attending practitioners, tech vendors, investors, and media organisations.

So, how can procurement teams drive more value and impact for their businesses through technology?

Procurement is at a crossroads where technology isn't just an add-on but a transformative force. After participating in conversations at DPW I noted they emphasised Gatekeeper’s fundamental three pillars crucial for supercharging procurement processes: Visibility, Control, and Compliance.

Pillar 1: Complete Vendor and Contract Visibility

The first step toward 10Xing procurement is achieving total visibility over every vendor and every contract across the organisation. This is non-negotiable.

Without clear insights into who your vendors are, what contracts they operate under, and the data in those contracts, it’s impossible to make informed decisions or accurately measure post-contract performance.

Imagine a scenario where a procurement team works with multiple vendors spread across different entities or geographies.

With a centralised platform offering a single view of every vendor and contract, the team can gain critical information like contract expiration dates, terms, pricing structures, or compliance requirements.

This lack of visibility leads to inefficiencies, missed opportunities for renegotiation, and potential non-compliance with regulations.

To avoid these pitfalls, procurement professionals must focus on consolidating vendor and contract data into a unified platform. Solutions like vendor and contract lifecycle management platforms increasingly leverage automation to gather, analyse, and present this data in real time.

Gatekeeper stands out in this space by providing the means to centralise and manage vendor relationships across the contract lifecycle. This is what we call the “Visibility Pillar” - the foundation for everything that follows.

When you have full visibility into your vendors and contracts, it becomes much easier to manage risks, renew contracts on time, and ensure vendor performance aligns with business expectations.

Pillar 2: Taking Control with Automation and Generative AI

The second pillar of 10Xing procurement is control, specifically leveraging automation and generative AI to manage vendor interactions and contracts.

During the DPW event, numerous discussions were held about how companies are moving from manual, reactive procurement processes to automated, proactive ones. The key is to control vendor relationships and contracts in real-time by guiding procurement teams through every step of the process.

For example, let’s say a team needs to onboard a new vendor, manage a renewal, or create a new contract. The process is slow and manual with traditional procurement systems involving multiple stakeholders and unnecessary back-and-forth. This delays time to value and leaves room for error.

However, with advanced VCLM systems using AI, this entire process can be automated. The requestor can raise a request through an intuitive interface, and the system will guide them through every step – from initial diligence checks to final contract signing. We call this Intake and Guided Workflows which make a world of difference to requesters and procurement teams.

This is also where Generative AI comes into play. Procurement teams can act faster and more confidently by integrating AI-driven tools to summarise contracts, extract critical clauses, and aid their overall risk management strategy.

These VCLM improvements eliminate procurement teams' monotonous work and ensure they can focus on higher-value tasks like negotiating better terms or managing vendor performance.

Procurement professionals can significantly boost productivity, reduce errors, and shorten cycle times by automating manual processes and gaining control over vendor management. This is the second pillar – taking control through automation and AI.

Pillar 3: Safeguarding Compliance and Managing Third-Party Risk

The third and final pillar of 10Xing procurement is compliance. Many organisations struggle to manage third-party risk effectively. At DPW, numerous conversations touched on the challenges companies face when safeguarding compliance, particularly when managing third-party risk.

Most procurement teams aspire to manage third-party risks but often lack the foundational processes and technology. Without the prerequisite vendor and contract management foundations, managing risk proactively becomes nearly impossible. The key is to move from a reactive risk management process to a proactive one.

In a reactive process, the procurement team only learns about risks after they occur – perhaps a vendor informs them of a data breach or a financial issue long after the fact. This delayed notification leaves the organisation vulnerable to compliance issues, economic losses, or reputational damage.

However, by adopting a proactive approach, organisations can continuously monitor vendor health and compliance. For example, procurement teams can automate daily or weekly checks on vendors' financial health, credit ratings, and cybersecurity posture.

Gatekeeper incorporates continuous monitoring in the platform via Market IQ to track a vendor’s credit health, monitor for data breaches, and assess other risk factors. This real-time data allows procurement teams to act before issues become critical. This proactive compliance approach, particularly in third-party risk management, will enable companies to avoid potential risks.

The Road to 10X Procurement

By focusing on these three pillars - Visibility, Control, and Compliance - procurement teams can unlock unprecedented value and truly “10X” their impact.

• Visibility ensures that procurement teams have a clear view of all vendor relationships and contracts, enabling better decision-making.
• Control, powered by automation and AI, enhances processes, reduces inefficiencies, and frees up time for strategic work.
• Proactive compliance ensures organisations stay protected from third-party risks, avoiding costly surprises.

The conversations at DPW this year made it clear that the future of procurement is bright. As technology evolves, procurement professionals must adapt and adopt these tools to stay ahead. With platforms like Gatekeeper leading the charge in vendor and contract lifecycle management, organisations can supercharge their procurement processes, unlocking new levels of value and impact.

By mastering these three pillars, organisations are not just improving procurement - they are revolutionising it. Procurement teams that fully embrace visibility, control, and compliance will drive innovation, reduce costs, and maximise value for their businesses in the years to come.