PROCUREMENT
“ Also , many collaboration tools enable real-time information sharing across the entire organisation . For example , you can link the ‘ transactional ’ and ‘ administrative ’ sides of the procurement process . That lets you increase operational efficiency while reducing errors and delays caused by transferring data and files manually .”
Automation On the topic of automation , Deshpande states that : “ A recent poll found that 63 % of procurement leaders consider automation a key priority in their digital transformation initiatives . Many of these efforts involve the use of AI-driven technologies , such as machine learning and predictive analytics . These technologies help organisations analyse a large amount of data quickly . The resulting insights increase operational cost-efficiencies while responding to market demand in a nimble manner .
“ Two kinds of automation can be applied to the procurement process ,” Deshpande continues . “ Business process automation ( BPA ) focuses on the end-to-end process to enable faster and more accurate decision-making . For example , you can streamline operations with purchase order automation or improve customer experience with sales order form automation .
“ On the other hand , robotic process automation ( RPA ) facilitates repetitive , manual , and low value-add individual ( e . g ., data entry ). It ’ s intended to reduce labour cost and minimise human errors .
“ With the aid of automation technologies , organisations can identify business needs , mitigate risks , eliminate repetitive processes , facilitate suppliers management , track spending , and predict market demand in real-time to improve the bottom line ,” the industry-leading technologist adds .
Right now , it doesn ’ t look like there ’ s an end in sight to the ever-increasing levels of technological innovation that has been fuelling the growing market of digital procurement solutions . The coming decade will , undoubtedly , see procurement leaders and leading organisations struggling to grapple with the rapidly changing pace of the industry and the continued evolution of the procurement function whilst developing strategies and spearheading new initiatives so that procurement can better enable innovative new product designs , M & A synergies , environmental sustainability , and ESG compliance across global supply chain networks . supplychaindigital . com 37