SpendEdge Explores the Reasons Why Cognitive Procurement is the New Frontier in Procurement in Their Downloadable Article
LONDON--(BUSINESS WIRE)--Sep 21, 2018--Global procurement intelligence advisory firm SpendEdge has announced the launch of their new supplement on the key reasons why cognitive procurement is the new frontier in procurement.
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Cognitive Procurement - The New Frontier in Procurement (Graphic: Business Wire)
Changing the traditional boundaries of procurement will take some time and constant effort. The incompetence to support the continuing technological disruption stems from the absence of internal competencies related to digital advancements. Rapid technological advancements are redefining supply chains and are self-assured to change the way the procurement function brings organizational value. The application of disruptive technologies on procurement processes has already changed the way procurement teams function. As a result, supplier relationships are becoming proactive, transactional procurement is being automated, and strategic sourcing is becoming more predictive.
At present, the field of procurement is observing some significant transformations due to the continuing digital revolution. To understand cognitive procurement, it’s important to understand the impact of cognitive solutions. Cognitive solutions principally circle around the technologies that use - Pattern Recognition, Natural Language Process (NLP), Artificial Intelligence (AI), and Data Mining. A type of procurement that is assisted by the autonomous competences of artificial and intelligent technologies is known as cognitive procurement. Many aspects of procurement are expected to be affected by these cognitive solutions, due to which organizations will make use of automation and machine learning in the future. Rapid technological advancements can be difficult to imagine, so, procurement professionals need to stay up-to-date on the newest developments and find the tools that will bring more value to their organization.
According to the procurement experts at SpendEdge, “Quick advancements in technology are redefining supply chains and are poised to change the way the procurement functions deliver organizational value.”
Role of Cognitive Technologies in Procurement:
Procurement is one such field that is facing cognitive interruption, mostly due to its huge financial potential. Cognitive procurement systems make use of intelligent technology to authorize procurement officials to do more than they actually could using outmoded systems. By providing detailed insights, cognitive procurement solutions can increase the speed of decision making and enhance situational awareness; thereby, driving superior performance. With digital transformation, the idea of ‘Cognitive Procurement’ is gradually gaining traction and raising curiosity across the industry. It is the cognitive technologies’ application in day-to-day procurement functions that helps rationalize processes, automate fundamental activities, and make strategic decisions using detailed insights that are extracted from the huge data volumes available.
Applications of Cognitive Technologies in Procurement
Cognitive procurement solutions will bring about a shift in the role of technology in procurement. Cognitive procurement solutions are one step ahead of analytics and automation; thus, providing solutions that can understand and think through a problem, an objective, or a process. Just like the main technological innovations that have happened in the past, cognitive technologies have the potential to change procurement processes and disrupt industries. Here are a few fields in procurement in which cognitive technologies are applicable:Sort through vast structured and unstructured datasets Conduct detailed supplier assessments Find hidden risks through in-depth risk assessments to access complete information about the rise of cognitive procurement
Download the free supplement to know more about the rise of cognitive procurement with technology:
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