Covid-19 accelerated the need for digital tools and people who know how to use them. End-to-end solutions can bring clarity and visibility but experts are worried procurement professionals might not be up to the task.
Industry leaders now understand they need real-time data and automated processes to make sure you have quick decision making that is driven by accurate data and actional insights. This will enable procurement people to focus on the quality of the relationships, and realising value as well as optimising costs.
Procurement has to be a key enabler for digitising the whole supply chain. End-to-end platforms are no longer dedicated to procurement but act as a bridge between IT, finance and supply chain. Digitising procurement operations will become a tool that is cross used by other functions. The new trend will be to embrace an end-to-end approach where you can bring other stakeholders and deliver a more comprehensive value.
‘The last nine months have uncovered a hard truth for procurement, namely, our function was built to optimize costs by sourcing at the lowest cost possible, not resilience. Multinationals with complex multistep global procurement activities do not have any real-time visibility into supplier risk, disruptions, price and demand fluctuations — or enough information about what supplies/services should cost,’ says Deepak Bhasin, Vice President of Technology in the products group, GEP.
So what technologies are going to reshape procurement?
Machine Learning and AI: the benefits of machine learning and AI are many and procurement leaders can definitely benefit from implementing them in their operations.
To learn more download the free White Paper “Sustainable Procurement Beyond Covid-19” HERE