Four technologies to enhance procurement platforms

four technologies that will influence procurement
February 21th, 2019
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Zycus, a leading procurement solutions provider, has identified four technologies that will influence procurement, and specifically the platforms used at present. These are Artificial Intelligence, analytics, mobile devices and the Cloud.

1. Artificial Intelligence

Interest in Artificial Intelligence is growing within procurement. 13% of procurement officers use AI extensively, while 49% use it in moderation. This trend is likely to continue as 55% of company directors want to keep investing in AI for procurement over the next two years[1].

This investment would be well justified: Artificial Intelligence enables data to be integrated and classified in real time. It can even optimise the source code and platform processes based on interaction with users, by combining chatbot and Machine Learning solutions.

2. Big Data and predictive analytics

Predictive analytics solutions facilitate decision-making by exploring and analysing vast quantities of data to provide concrete information. These tools can identify models and make predictions based on a large number of factors.

With key self-service analyses and forecasts for spend, demand and pricing etc., procurement services would have greater visibility and a better understanding of the trends that influence their business. As a result, procurement departments would be able to make better decisions and create more value for the company. 

3. Mobile

At present, there are more than five billion mobile users in the world, equating to more than two thirds of the global population. This is not surprising. Mostly thanks to the Internet, the use of mobile devices is growing rapidly as users can access information anytime, anywhere.

These benefits are apparent in both a personal and professional context. Procurement platforms are not yet capitalising on mobility, but soon they will have to. Imagine being able to respond to notifications, quickly scan barcode information and co-ordinate operations both on-site and off-site. This would significantly reduce turnaround times and increase the operational efficiency of teams.

4. The Cloud

Out of all the technologies, Cloud computing is the one that has and will continue to have the greatest impact on procurement platforms. Combining flexibility and unlimited storage, the Cloud allows users to store and access data or programmes via the Internet, instead of a computer hard drive.
Relatively easy to implement, this technology promises considerable benefits such as significant timesavings, cost-effectiveness and high organisation adoption rates of Cloud-based applications.

 

Procurement is changing rapidly thanks to the digital revolution and current solutions will be unable to keep up. What technologies will you use to enhance your procurement platforms?

 

[1] Forrester Consulting

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