Autonomous Procurement: The Technologies That Are Driving Progress
An exploration of how technological advances are changing the way humans and machines collaborate
Artificial intelligence, machine learning, cognitive automation, 5G…. these and other technologies are revolutionizing almost every aspect of our lives. We now have the ability to talk directly to our smart devices and get a reply—instantly. We can even train them to know our preferences so they can provide suggestions on products, services, activities, and music.
While most of this ground-breaking technology has had significant impact on our home life, leisure, and travel, it has yet to have equal significance in the workplace. Yes, there are forward-thinking organizations already using technology to automate certain tasks; however, even the most ‘advanced’ business sectors are moving forward with digital transformation at a pace that only makes ‘business sense’ and no faster.
And, what about procurement? There are many organizations leveraging assistive intelligence, which is a combination of rules-based processing and low-level robotic process automation (RPA), for invoicing, sourcing, and contract and supplier management. As we see these technologies mature, we are likely to see them filter into automating more processes and job functions in the future. In fact, some industry experts predict by 2024, more than two-thirds of management tasks will be automated to some extent, with AI being the primary technology behind this trend.
In our white paper, Autonomous Procurement: The Technologies that are Driving Progress, we provide a user’s perspective of the technologies behind autonomous procurement. We review the technologies that make up autonomous procurement and provide the consequences and opportunities of each technological advancement. This white paper uncovers important ways today’s ground breaking technologies can boost performance within the organization—not just by reducing costs but adding true strategic value.
While we are not quite not fully technologically actualized—as a procurement professional, it’s important to understand the functions and applications of today’s disruptive technologies to know how to best leverage them. This white paper provides comprehensive definitions and important implications of how these technologies directly translate to the procurement organization.
This white paper explores:
- A five year trajectory of how the enterprise will be automated—looking at the roles that most likely to be affected
- The main functions and processes where procurement can expect to reap huge benefits from automation
- The seven main technologies that are transforming procurement, moving the industry closer to true autonomy