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Conversations about the future of procurement tend to revolve around technology, but there is more to the evolution of procurement than just technology. In a year filled with many uncertainties, these GEPpers… https://t.co/RF4xejXJ4i, #SupplyChain disruption won’t let up in 2021. All rights reserved. Source-to-settlement solutions of the future will be open architecture, web-based, and able to interface with many systems inside and outside the enterprise, allowing for a high level of automation and integration up and down supply chains, fully adopted, providing full transparency and real-time insight. This article is part of a mini-series on how technology is a key factor shaping the future of procurement. Procurement going on autopilot for lack of a better word isn’t the desirable outcome for anyone, nor do I think is it the most effective. This will enable end-users to execute non-critical transactions themselves using the procurement platform, and resort to the procurement office in complex purchasing concerns. With the advent of Artificial Intelligence (AI), blockchain technology and the Internet of Things (IoT) the future of procurement technology is at a tipping point. By James Marland, Global Vice President, SAP Centre of Excellence for Spend Management. Learn how… https://t.co/1qet6sAypr, Modern #SupplyChains generate huge amounts of #data. Letting technology do what technology does best – managing repetitive, standardised tasks is the same outcome that challenged HR, Finance and IT functions. Is there anything you can do to keep this from happening again? Such intelligence will help decision makers drive new business opportunities into reality much faster, more reliably, and with higher profitability. Strategic thinking will be a key, with tactical routine cut out procurement professionals will have time to focus on strategic, value-adding initiates but that mindset and skills need to be sharpened now. Gartner, for example, has predicted that by 2022: Yet legacy #DemandPlanning systems and processes often fail to… https://t.co/zCqDKc8Ipu, Pardeep Gill, #CPO and VP of #SupplyChain at @AmerenCorp, discusses their #DigitalTransformation, managing the lowe… https://t.co/8sFU6ZgDqu, Pardeep Gill, #CPO and VP of #SupplyChain at Ameren, discusses their #DigitalTransformation, managing the lower dem… https://t.co/OvSksQOIip, What are your predictions for #procurement in 2021? Rapid advancements in digital technologies are remaking business supply chains, and are poised to transform how the procurement function delivers value. Information will be available in real-time. The primacy of procurement is all about the industry evolving its role to become a strategic leader and embracing these new technologies to eliminate the tactical nature of the past. Sie verwenden einen veralteten Browser. Get your complimentary copy of Gartner’s 2020 Hype Cycle here. In this interview, Nic starts by setting out his vision for Procurement in the next five years. Bitte aktualisieren Sie Ihren Browser damit die Seite verwendet werden kann. Such environments can help Independent Software Vendors (ISV) create scalable applications and services that support multi-tier scenarios and automated deployments. Instead of either replacing or rearchitecting the end-to-end inhouse solution, companies integrate cloud applications to reach existing (and many new) business users with web-native, multi-device front-end support. People and their work experience in procurement will change, too. SIG (Sourcing Industry Group) is the premier global sourcing association, founded in 1991 that provides thought leadership, networking and training opportunities to executives in sourcing, procurement and outsourcing from Fortune 500 and Global 1000 companies. “In the Nexus of Forces, information is the context for delivering enhanced social and mobile experiences. Mobile devices are a platform for effective social networking and new ways of work. The third option is to embrace the new architecture at the outset and work to adopt currently available individual solutions, updating them as they evolve. What now? Learn how #marketers are c… https://t.co/gQ63TOSGET, Learn how #GEP's unique integrated combination of strategic #consulting and #technology solutions helped a major… https://t.co/9RFaBvUCvY, A vast majority of organizations reported #SupplyChain #disruption at the peak of the crisis last year but few had… https://t.co/A7ZV4Hsgfh, What will #OfficeLife look like in the #NewNormal? Her… https://t.co/4phXbZJCWg, Meet Neha – she supports planning, execution and reporting for #SocialMedia programs. A strong digital literacy will be needed, not to say that everyone needs to be an expert or suddenly be expected to know how to write code, but an understanding of procurement technology, source-to-pay platforms, analytics dashboards, and how it all works together to provide visibility and insights is important. Critically discuss the development and impact of procurement technology and the future use of such systems in the profession and comment on the future roles for humans in the procurement process. Future of Procurement 2018. Yes, it is here, machines handling … Procurement is changing, and it’s up to us to change with it. However procurement should always be seen as adding value – simply not a process or transactional function. In the United … Procurement can play a key role in identifying unique suppliers, products or services that can help fulfill innovation needs, as supplier networks in public clouds become highly available. With beautifully rendered interfaces and flexible workflows, GEP provides users fresh, intuitive digital workspaces that boost adoption, productivity and performance. Well, the visible part of the Procurement Assistant is an already existing technology: Instant Messaging. The technologies are emerging, and while true autonomous procurement is still around ten years out, procurement teams need to start investing in these emerging technologies and shifting to a more strategic role. This is a good indication of the procurement mindset but not meant to be fully representative.*. Procurement technology disruptors that are shaping the future include: extreme automation across the procurement cycle Compelled—and enabled–by the digital transformation of business, you might be spending much less time on administrative tasks and be able to focus on more strategic internal and external collaboration. CIPS are pleased to have worked with Aston University and the University of Liverpool to undertake workshops with the CIPS community in order to bring the paper to our member community. The business world is in the throes of a revolution. Since procurement technology is pervasively embedded within supplier circles across geographies, it has a disruptive advantage of amassing the wealth of information from such distributed entities to deliver insightful knowledge to buyer communities. The Future of Procurement: Why is Technology Lagging Behind? Many people will continue to #WFH even after #COVID, which means… https://t.co/xWP68Dmmhu, A multibillion-dollar #utilities company achieved over 12% in #savings thanks to #GEP's unique combo of #consulting… https://t.co/RFiRjLtc3K, In the industrial #SupplyChain, a cheaper #pump can sometimes be worse for #CostSavings than an expensive one. At GEP, we consider FIVE key drivers that propel Procurement Technology into tomorrow: In what Gartner calls the “Nexus of Forces”, four key trends are impacting the way businesses have traditionally considered existing processes, customer engagement, and product/services delivery to their markets. He also sees the future of procurement technology being used in … The Future of Procurement Technology: Mediocrity is No Longer Acceptable 1 Today’s Procurement Technology Is a Failure More specifically, it is an unqualified abject failure. You might be part of a smaller team performing only core functions. RPA or Robot Process Automation is a powerful technology, and no doubt will continue to play a role in the future of procurement but according to Gartner’s Hype Cycle, the expectations around it are beginning to subside as it grows into a mature technology. The platform will have built in contextual interactions with artificial intelligence layer to make users' life easier. Business users hate it, procurement users loathe it, and even the technology vendors treat procurement … We categorize them as follows: Procurement technology becomes ubiquitously available to enterprise users. The maturing of cloud computing and increased adoption of Platform-as-a-Service will impact the Procurement Ecosystem in many ways. Even as business leaders seek to leverage market opportunities in real-time, procurement will help play a role in shortening their time from source to settle aided by open supplier networks, real time information, and new sourcing discovery through collaboration. Conversely, conversational platforms are still on the rise according to Gartner, and therefore a bit surprising that it does not have a higher rank in this poll. The two with the least expectations from this poll are RPA and Conversational Platforms or Smart Assistants. Tomorrow's procurement could mimic the leader in CRM, where procurement technology companies offer their platforms with custom pricing and expand the market to include small and medium businesses to automate their procurement. July 6, 2017. #GEP experts @johnpiatek and David Doran explain how… https://t.co/Ho7OHXNgPF, As #COVID saw global #sports events get canceled, what were the impacts on #sponsorship? Back to future on this: the Procurement of Things. These advanced technologies are not meant to replace people, but to augment them. The Role Technology Plays in Procurement Management The inclusion of technology in procurement was originally meant to ease some of the more difficult aspects of the process. When the internet garnered much prominence and e-commerce came into the game, such functions turned to email and websites. A sales expert will contact you within the next 24 hours. The results are somewhat mixed, but not necessarily surprising. Procurement technology today offers extensive integration, visibility, and controls to the enterprise, helping purchasing executives operate more efficiently while saving from such economies. The future of procurement To compete going forward, enterprises must seamlessly integrate suppliers and customers, and enable them with digital platforms, extreme analytics, leading workforce capabilities and an agile procurement operating model. Was your company walloped when China’s businesses and factories shut down in the wake of the coronavirus outbreak? The CPO agenda for the future of procurement Used to send data to Google Analytics about the visitor's device and behaviour. Instead of being a paperwork-focused and monotonous profession, procurement needs to evolve and change with these new times. Technology to drive Procurement as a strategic function. The different between company A and company B will be wisdom gained from such knowledge. GEP SOFTWARE™ provides award-winning digital procurement and supply chain platforms that help global enterprises become more agile, resilient, competitive and profitable. Observers have been predicting the evolution of procurement for many years. Learn more, These cookies are vital for the functionality of the website. The top two technologies, AI-based E-Sourcing and Automated Contract Review and Analytics are based around machine learning and artificial intelligence, which is at the heart of all technology innovations. Food and analytics. Future of Procurement guest article provided by Milan Vyas. From Shaz: “When you look at the future of procurement, there are two distinct areas that will be most affected. With automation quickly making today’s skills irrelevant, the days of procurement staff as order-takers is over. Technology certainly has its place in business. To run complex calculations or cut out routine everyday tasks it’s perfect for. Discover why traditional procurement technology strategies (primarily focused on deploying P2P and ERP suites) prove to be ineffective and how enterprises can leverage the emerging technology … Customer data is having a profound effect on the food industry. The data and information will be available to all companies using this platform. It’s an obvious statement of course. Machine Learning, AI, Blockchain and Digital Transformation: . To bring it full circle remember that we are pursuing the primacy of procurement, not R.I.P procurement. There has been transformation in the Procurement function over the past decade. Instead, we are looking at the primacy of procurement. The procurement technologies that support the pursuit of these goals, however, will probably be much more advanced than any we know or can even imagine in 2019. It’s no surprise technology is transforming procurement. Salesforce.com disrupted the traditional CRM installed models, and gained millions of customers by offering custom pricing (per user) for a fully integrated CRM platform, analytics, and intelligence. With one of the largest, most accomplished consulting teams in the world, GEP helps enterprise procurement and supply chain organizations at hundreds of Fortune 500 and Global 2000 companies rapidly achieve more efficient, more effective operations, with greater reach, improved performance and increased impact. The former certainly is a daunting prospect. Tracks the visitor across devices and marketing channels. Learn how as #GEP's Sande… https://t.co/4ieVBvgmsf, Kudos to all our #Values Awards winners from last quarter. As a result of these technologies, Procurement will be much less about operational buying, as these activities will become largely automated or self-service, as Nic explains, “Technology … By applying the learning capabilities of AI to the automation technology that RPA brings, and then taking it a step further with a conversational platform, you get an incredibly powerful system that not only automates routine tasks but evolves overtime and can complete complex tasks and calculations in seconds. The Future of Procurement Technology. Enterprises frequently need new technology, product, or services that are not fully defined even as their innovation cycles evolve. “ Buyers of the future will be supported by seamless and intuitive purchasing experiences, regardless of underlying technology systems already in place,” EY states. JAGGAER’s Advanced Sourcing Optimizer (ASO). In this live webinar, #GEP experts will help you future-proof spend i… https://t.co/p08lOynGpm, #ColoradoSpringsUtilities chose GEP SMART™ to manage #SourceToOrder, including #contracting, #SavingsTracking and… https://t.co/Jb0O8dt7hi, The pandemic taught us that #SupplyChains must be agile in response to demand shifts. The Future of Procurement in the Age of Digital Supply Networks. In “The Changing Cloud Agenda”, Forrester analysts outline how CIOs are leveraging the Platform- and Infrastructure-as-a-Service advantages to drive new solutions to existing problems, and preparing to embrace new capabilities for tomorrow. As an increasing number of developers begin publishing data in the public cloud while retaining access controls, information in the cloud is disrupting traditional procurement processes in the following ways: Existing legacy systems, as well as older packaged solutions, are often efficient in the business process support for which they were designed. 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