TECHNOLOGY
Discover the value of both AI and RPA in procurement and how the two can deliver greater value to the function when used together
WRITTEN BY : GEORGIA WILSON
Robotic process automation ( RPA ) A form of business automation technology , robotic process automation ( RPA ) uses software robots to handle repetitive business processes , freeing up time for employees to focus on the tasks that add greater value .
RPA is designed to continuously perform the same tasks in the same way , removing the need for human-beings to intervene in such processes . The automation of essential-but-repetitive tasks can reduce the potential for human errors and increase the delivery time speed .
The benefits of RPA For any organisation , efficient procurement operations are essential to success . However , procurement processes are frequently hindered by manual processes , paperwork , and human error .
With the help of RPA , organisations can remove the repetitive , low-value-adding tasks from the day-to-day agendas of their employees . In doing so , businesses can realise both cost and time savings , as well as improve their accuracy and productivity .
RPA helps organisations to carry out tasks faster and place their focus on the valueadding tasks , instead .
Common areas of use for RPA include functions such as accounts payable , procureto-pay ( P2P ), invoicing and purchase orders .
Artificial intelligence ( AI ) In comparison , artificial intelligence ( AI ) is a technological solution that enables machines to mimic human intelligence to perform tasks , by continually learning and improving its own performance .
AI is a far more complex technology compared to RPA , with a popular use being machine learning for the analysis of data . Algorithms can identify patterns , generate insights and even action some responses to the information . Other forms include computer vision , which can make sense of images just like the human eye can ; natural language processing that is common for voice assistants ; and deep learning , which can make connections among unrelated data points .
The benefits of AI Similar to RPA , AI can help organisations to free up time and resources for employees , as well as digitise manual processes .
In addition to this , however , AI can provide some more advanced capabilities for organisations including the ability to make better , data-driven decisions ; it can also identify new opportunities ; improve and streamline operations ; capture and apply knowledge and data ; identify new suppliers and markets ; and help organisations optimise their supplier relationships . procurementmag . com 101