INTELLIGENT PROCUREMENT
What does 2023 hold for intelligent procurement processes ? “ In 2023 ,” says Chaplain , “ we expect to see more executives at large organisations adopting decision intelligence platforms ; siloed data , slow purchasing processes , and lack of visibility to supplier inventory positions are making it difficult to keep up with the pace of change .
“ Despite advances in supplier collaboration tools , too many key communications or decisions still take place in offline channels – phone calls , emails , or occasional faxes . Technologies that leverage AI and machine learning to digitise and automate decision making across business functions and processes allow companies to detect a risk , generate or change purchase orders ( POs ), monitor for PPV , send approvals to managers , and release POs to suppliers in minutes or seconds , as opposed to hours or even days .”
Lamba adds : “ Overall , I expect 2023 to be the year we see a large uptick in the adoption of intelligent procurement platforms – driven largely by the above factors . Those factors introduce a lot of risks , something that intelligent procurement functions are designed to mitigate .” then generate all the insights ,” Chaplain says . “ Realising that there are new ways of doing business is as important as the technology innovations themselves .”
Lamba believes that 2023 will be the year of ESG . “ As the procurement function has evolved , those teams don ’ t just
Future innovations in the intelligent procurement space Advancements in digitised decisionmaking are not only providing actionable intelligence and measurable results – they ’ re showing procurement teams that they no longer have to rely on methods that aren ’ t allowing them to be competitive .
“ It ’ s no longer reasonable for users to interact with multiple systems to process POs , negotiate contracts and analyse data ,
60 January 2023