Five risk and resilience technologies in procurement
Five risk and resilience technologies in procurement
“ True resilience requires a 360-degree view of your supplier ecosystem ,” says Bureau . “ Procurement should know who their organisation is doing business with . They need to know their vulnerabilities from every possible angle – quality , value , diversity , compliance , financial health , ESG , and performance .”
Yet many businesses struggle to achieve this level of visibility , especially across multiple supplier tiers . This is where data and technology come into play .
1 . Artificial intelligence is increasingly being embedded into procurement platforms . It offers actionable and predictive insight , enabling procurement to mitigate disruption and make data-driven decisions .
2 . Predictive analytics can identify likely late deliveries even before an order is placed . It does so based on previous events .
3 . Prescriptive analytics help teams proactively mitigate the risk of late deliveries by leveraging a variety of supply sources .
4 . Embedded intelligence learns from human buying patterns , to automate end-to-end , human-free procurement .
5 . Enterprise commerce platforms bring buyers and suppliers together on the same network . They align buyer needs and supplier capabilities , and integrate with outside solutions , to create a single data ecosystem .
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