Is Your Organization Ready for Cognitive Procurement?

25 Apr 2019
by Shirley Hung, Vatsal Gupta, Vani Oswal

For procurement, the key to delivering more strategic value to the organization lies in effectively leveraging the next-generation solutions. Companies have already started to realize the benefits of analytics and automation in enhancing the efficiency of their procurement processes. To achieve the next-level benefits of technological advances, procurement teams need to leverage AI/cognitive solutions, as they are enablers of intelligent automation. Cognitive solutions present unique opportunities for organizations – enabling them to generate supplier intelligence, perform contract analysis, prevent fraud and duplicate payment, and enhance buyer decision-making.

The definition of AI/cognitive is continually evolving, and understanding of its capabilities and applications varies widely in the market. Because it is a relatively new area in the procurement services space, many organizations are in the early education and adoption stages. Companies are seeking to understand how to drive maximum value from their cognitive deployments and how they can ease the implementation process.

Against this backdrop, this viewpoint explores the rise of cognitive solutions in procurement processes and addresses the following questions:

  • What are the new expectations of the Chief Procurement Officer (CPO) to deliver strategic value to the organization?
  • How can cognitive solutions help the CPO meet those objectives?
  • What key factors do enterprises need to consider to enable smooth deployment of these cognitive solutions?
  • What best practices can enterprises consider to successfully deploy these cognitive solutions?

Membership(s)

Procurement Outsourcing

 

Page Count: 10