White Paper: THE JOURNEY TO AUTONOMOUS PROCUREMENT
The Journey Starts Now – Not in 2025
For decades, procurement solution vendors have promised to digitize processes and revolutionize procurement. These “digital procurement” platforms claimed to bring a transformation for the procurement function. But in most cases, software only converted existing processes to computers without reducing the manpower required to execute them. Today, these decades-old promises are finally starting to be realized in modern source-to-pay platforms, but only for some individuals.
For many tech-savvy procurement organizations, the power of modern platforms is wielded only by senior buyers, rather than the full team. The democratization of data, automation, and cognitive intelligence is essential for modern procurement professionals to see success, especially when facing challenges like we’ve seen so far in 2020.
It will likely be 2025 before network-enabled, truly autonomous intelligent platforms become a reality, but it’s crucial for organizations to start preparing today. Only teams that start today can even hope to reach autonomous procurement in five years.
Procurement technology brings value at each step of the way, offering incremental results as more and more tasks are automated. From decreasing manual processing and mitigating risk to identifying hidden savings, process automation allows procurement teams to operate more strategically and build long-term results.
Written by Michael Lamoureux, in this Spend Matters white paper you will learn:
- What autonomous procurement is and why you have to start today
- The four levels of digital procurement: Automation, augmented procurement, intelligent procurement, and autonomous procurement
- The key characteristics of augmented procurement platforms
- Why it’s important to start building a database of data and decision history as soon as possible
- How to pace yourself on the journey to autonomous procurement
Gain a comprehensive understanding of what the future of procurement will bring. See why it’s essential to start your team on the road to autonomy today. Download the free white paper now!