DIGITAL PROCUREMENT
payments . But I think they ' ve seen , with some of the recent innovations around bringing more supply chain processes and information into the fold , that the breadth of BSM and the value that they can get from it is actually broader than they had maybe previously realised .
“ I think those are the two big areas of innovation that are stretching the boundaries of where BSM can add value . And then applying artificial intelligence and other algorithms across very large data sets to drive more effectiveness , more efficiency and more risk mitigation ,” adds Schanker .
What in store for BSM in the next 12 to 18 months ? “ I think the biggest area of evolution and innovation is going to come in the connection point between the supply chain processes and the rest of business spend management ,” says Schanker . “ Currently there are a lot of organisational silos in supply chain . Leaders today are facing many challenges , including product innovation , geographical risk of suppliers , sustainability , and diversity and inclusion .
“ All of these challenges require supply chain to collaborate across the organisation with procurement , with finance , with other areas in order to succeed in those initiatives ,” continues Schanker , who believes that the realisation of “ having technology that can pull those processes together , and then carrying that all the way through to the relationship with suppliers to make sure that they are resilient , has come to the forefront with supply chain executives . And I think we are going to see the connection between supply chain and procurement get closer and closer over the next 12 to 18 months .” procurementmag . com 77