Data analytics is the process of examining data sets in order to draw conclusions about the information they contain, increasingly with the aid of specialized systems and software. Data analytics technologies and techniques are widely used in commercial industries to enable organizations to make more-informed business decisions.
Artificial Intelligence (AI) is where we first heard the term cognitive technology. Technology experts began seeing the benefits of AI among consumer and business application. Amazon’s Alexa and chatbots are two that come to mind that is now ubiquitous in homes and businesses. Procurement is a prime candidate to reap the benefits of what AI has to offer because it is data rich and transaction-heavy. Thus, any system that seeks to help procurement professionals find better information faster can only speed up decision making and ultimately drive better ROI.
The Process of Cognitive Procurement
Cognitive procurement is a method of using disruptive technologies to aid in the management of the procurement function. It is the process of using self-learning technology to process data in order to aid in the process of acquiring or buying goods and services. The rise of AI and smart technologies also serves as the precursor to a paradigm-shifting approach to procurement, termed as cognitive procurement.