analytics are of tremendous help in eliminating traditional research and analysis of procurement professionals , ultimately allowing them to be more efficient , productive and valuable to their business partners :
“ Algorithms and other types of AI can predict the highest quality , best fit and most competitive suppliers for specific demands or sourcing needs , based on a wide variety of predictive signals harvested from a vast array of proprietary and public information .
“ This reduces human bias , often leading to sole sourcing , and eliminates dozens of hours of imprecise supplier research typically done in the sourcing process .
“ Furthermore , predictive technology can suggest and guide the person executing sourcing activity towards optimal commercial structures or ideally suited scoping parameters , ensuring that demand / specifications are neither too little nor too much .”
Its wide range of tools has had a huge impact on procurement .
Olivier Berrouiguet , Chief Executive Officer at Synertrade , highlights its ability to automate tasks , enhance data-driven insights and improve operational efficiency .
He adds : “ It helps identify new business opportunities , such as entering new markets , refining processes to eliminate redundancies and discovering additional revenue pathways .” Olivier highlights its ability to forecast demand to optimise scalability of inventory , negotiate supplier contacts and , most importantly , reduce costs . procurementmag . com 157