Procurement has grown significantly more strategic over the past twenty years, now, digital supply chain management and analytics are bringing new strength to the strategic role. The main mission of procurement has broadened from cost leadership and assurance of supply to strategic insights for decision making.
Digital procurement is an exponential shift that allows organizations to better deliver on their main mission with fundamentally different processes at a reduced cost. Digital technologies and tools can optimize your procurement mission and management. This article discusses the five digital technologies that pave the way for new applications and capabilities across the supply chain.
Artificial Intelligence (AI) Technology
Artificial intelligence (AI) is one of the most hyped-up topics in business right now. The key thing to recognize is that if your procurement organization is ready for digital, it’s ready for AI. From a procurement perspective, any software solutions that include self-learning, smart algorithms can be considered AI. AI can increase cognitive activities, improving speed and productivity. The diagram below shows the six ways to leverage AI in Procurement.