AUTONOMOUS PROCUREMENT: PRACTICAL STEPS TO EMBRACE THE FUTURE
How to leverage today’s ground-breaking technologies to create more value within the enterprise
Smart tech—it’s in our homes and on our phones. It helps us keep fit and avoid traffic jams, and even suggests products based on our habits and tastes. What are the technologies behind today's smart tech? Artificial intelligence, machine learning, chatbots and natural language processing, blockchain, augmented analytics, cognitive automation and the internet of things, and 5G networks—to name a few.
When it comes to technological change, procurement hasn’t typically been at the front of the line. Perhaps it’s because the enterprise has always viewed procurement as having a more tactical function—helping save money by driving down costs. However, today’s modern procurement teams have a wonderful opportunity to change this view and to help drive up value through digital transformation.
Autonomous procurement is a type of digital transformation nirvana in procurement, where technology can be trained to have cognitive abilities in order to automate entire sourcing and procurement processes without any buyer or user interference. Does this mean autonomous procurement will replace humans? Yes and no. Autonomous procurement will transfer mundane tasks to machines, freeing up human resources to focus on higher-level, more strategic functions.
While autonomous procurement is still five years away, it’s not too soon to prepare your enterprise, team, and technology stack so that you’re poised to leverage it.
In our white paper, Autonomous Procurement: Practical Steps to Embrace the Future, we look at how today’s ground-breaking technologies can be leveraged in specific procurement applications and divided between humans and machines. This white paper looks at what procurement organizations should be doing now to position themselves for autonomous procurement. It looks at the evolutionary process of autonomous procurement and the applications that are driving us towards autonomous procurement. The paper then ties it all together answering the question: “What does autonomous procurement mean for procurement professionals?”
In this white paper, you will learn:
- What procurement organizations need to be doing now to prepare for autonomous procurement
- The applications that are driving us toward autonomous procurement including: guided buying, on-time delivery prediction, recommendation engines, and supply chain optimization
- How autonomous procurement will help empower the procurement function, making it more strategic
- The role service providers play in preparing the enterprise to take advantage of cutting-edge technology