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. Experts at research firms have developed a variety of roadmaps defining the future of procurement. July 6, 2017. A sales expert will contact you within the next 24 hours. Click here to read the next article. Procurement Technology that can Redefine the Future of Supply Chain Oct 16, 2017 The constant influx of innovation in the field of sourcing and procurement has simplified the lives of supply chain professionals by eliminating burdensome paperwork and facilitating and automating both complex and simple tasks. Technology to drive Procurement as a strategic function. It entails visions of technology taking over and stealing jobs, killing off procurement as a profession and as a business function. 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. Tracks the visitor across devices and marketing channels. What now? These advanced technologies are not meant to replace people, but to augment them. Technology holds huge promise in the procurement sector but making the most of it requires a rethink. #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? The rise of technology is advancing the way of the procurement process. Today's procurement are aggressively integrating all these disparate modules to offer a “source-to-settle” solution. There has been transformation in the Procurement function over the past decade. The Future of Procurement: Why is Technology Lagging Behind? The platform will have open supplier network with social and collaborative features. These cookies are used to generate statistics and enable us to optimise the website for visitors. The results are somewhat mixed, but not necessarily surprising. The real discussion is now, “how much?” and “what’s coming next?” With new technologies emerging onto the scene globally, and the uncertainties created by the pandemic, mixed with massive social, economic and demographic shifts these questions are becoming increasingly top of mind. Learn how… https://t.co/1qet6sAypr, Modern #SupplyChains generate huge amounts of #data. 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 10 years, your day-to-day job in procurement might be radically different. Executive Vice President of Business Development & Co-founder, "Beyond all this, we see tomorrow's procurement technology as a key driver for innovation.". Technologies such as big data, AI, machine learning, blockchain, electric and self-driving vehicles, and clean energy – to name but a few – are transforming business models. The key to success will be picking the right tech for the job…. “The Future of Procurement and Supply Management” paper offers a reflection of what the profession may look like fifteen years from now. Procurement is changing, of that there is no doubt. In this interview, Nic starts by setting out his vision for Procurement in the next five years. Procurement’s contribution to the overall organization strategy will be a major driver for competitive … In a year filled with many uncertainties, these GEPpers… https://t.co/RF4xejXJ4i, #SupplyChain disruption won’t let up in 2021. Such intelligence will help decision makers drive new business opportunities into reality much faster, more reliably, and with higher profitability. GEP offers a comprehensive and integrated portfolio of managed services to help address the complex and multilayered challenges that modern enterprises face today. Future of Procurement 2018. It will involve minimal or no learning curve to operate in the procurement ecosystem, and information/intelligence will be proactively available for decision-making at their mobile devices. The data and information will be available to all companies using this platform. Microsoft Azure, Amazon EC2, the Google Engine are all examples of how players are scaling up capabilities to offer application abstraction layers and hosted middleware benefits to help enterprises leverage the cloud more seamlessly and effectively. However procurement should always be seen as adding value – simply not a process or transactional function. 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. We categorize them as follows: Procurement technology becomes ubiquitously available to enterprise users. It’s no surprise technology is transforming procurement. Well, the visible part of the Procurement Assistant is an already existing technology: Instant Messaging. On the other hand, a procurement platform conceived & designed with a view of all the activities, functions and processes a buyers does and hence the concept of modules has less meaning in the platform. The future will have a strong focus on analytics and using data to drive decisions. Bitte aktualisieren Sie Ihren Browser damit die Seite verwendet werden kann. The system is designed at a modular level and then provided the plumbing to connect these disparate modules. Our managed services for procurement and supply chain management are flexible and can be configured to meet your organization’s most exacting needs, whether it’s end-to-end outsourcing or targeted solutions for specific focus areas. According to A.T. Kearney, “today’s procurement technology is a failure.” According this latest research report, we are at an inflection point in adoption the future of procurement technology, largely driven by the emergence of more flexible, user-friendly procurement platforms. Quite like how ERP platforms like PLM influence an enterprise’s innovation lifecycle, Procurement-for-Innovation will become a standard in the future. Tomorrow's procurement technology will intuitively map market news, new product announcements, political shifts, and geographic events into intelligent opportunities for businesses to leverage. Customer data is having a profound effect on the food industry. The future of procurement is in the foundation: people. Bloom and NEPRO innovation can flourish in private sector. Read the new #GEP white p… https://t.co/0dPo7oZVNG, #COVID19 vaccine distribution is testing #SupplyChain pros, so the right #digital solution is critical. Rapid advancements in digital technologies are remaking business supply chains, and are poised to transform how the procurement function delivers value. For example, think voice-activated purchasing experiences for goods and services, supported by natural-language search and virtual assistants. To run complex calculations or cut out routine everyday tasks it’s perfect for. Food and analytics. Letting technology do what technology does best – managing repetitive, standardised tasks is the same outcome that challenged HR, Finance and IT functions. With beautifully rendered interfaces and flexible workflows, GEP provides users fresh, intuitive digital workspaces that boost adoption, productivity and performance. 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? Instead, we are looking at the primacy of procurement. An integrated suite allows the flow of data from one module to another. Her… https://t.co/4phXbZJCWg, Meet Neha – she supports planning, execution and reporting for #SocialMedia programs. 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. 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. To bring it full circle remember that we are pursuing the primacy of procurement, not R.I.P procurement. 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. 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. All rights reserved. Reduce common problems, track data, and generally make it easier for procurement … Gartner, for example, has predicted that by 2022: Cookies that are set in connection with the system of the website. 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. Future is About UX. Procurement technology disruptors that are shaping the future include: extreme automation across the procurement cycle 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. But it isn't stopping here. The different between company A and company B will be wisdom gained from such knowledge. Over the past decades, procurement technology evolved as a series of modules, even as enterprises discovered processes that could be mapped into software—sourcing, contracts, purchase, payments, catalogs, and so on. 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. “The Future of Procurement Technology” envisions tomorrow's procurement offices, trends in procurement technology evolution, and how they will impact a company's fortunes. 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. From the starting point of the traditional buy-sell, transaction-based purchasing, the practice has moved through stages of change that redefines most aspect of the business. Technology and transformation clearly go together. You might be part of a smaller team performing only core functions. 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. Combined with the powerful Cloud Services (containers of hosted applications), these applications can be internet-facing public web applications (such as web sites and ecommerce solutions), or they can be private processing engines for other work, such as processing orders or analyzing data. Business users hate it, procurement users loathe it, and even the technology vendors treat procurement … This is a good indication of the procurement mindset but not meant to be fully representative.*. 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 CPO agenda for the future of procurement Procurement is changing, and it’s up to us to change with it. 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. Get your complimentary copy of Gartner’s 2020 Hype Cycle here. Observers have been predicting the evolution of procurement for many years. 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. With all of these setbacks and hindrances being considered, the future of digital procurement technology has shown some real promise in the last few years. All of these technologies have powerful application potential in procurement especially when combined to form what we call autonomous procurement. 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. With automation quickly making today’s skills irrelevant, the days of procurement staff as order-takers is over. Future of Procurement 2018. Is there anything you can do to keep this from happening again? Procurement technology—largely divided into Source-to-Contract and Procure-to-Pay—has become a de facto platform for companies' purchase teams to manage their procurement of goods and services, suppliers, and budgets. Procurement as a whole has been able to do this slowly, bit by bit, but today it’s clear that we must be able to incorporate this technology into our day-to-day at scale. The focus on user experience also ran through the event, with Matt Blyth of SAP Ariba discussing how businesses must respond to the mobile revolution that makes users want seamless solutions. 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. But there will always be a firm place for those who can think strategically, are comfortable working within the platforms themselves, and those who bring an analytical mindset to the table. Conversations about the future of procurement tend to revolve around technology, but there is more to the evolution of procurement than just technology. Nic believes that the function will be driven by business-focused, strategic aims, with technology as an enabler. Supply Chain Digital Magazine covers procurement transformation, digital supply chain, supply chain of the future, P2P, S2P, procurement & supply chain technology, AI, Automation & Procurement Platforms - connecting the world’s largest community of procurement and supply chain executives. Machine Learning, AI, Blockchain and Digital Transformation: . 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. Share your thoughts, comments and suggestions, The pandemic-hit #CPG industry has found unique ways to get product samples to customers. 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. Learn how as #GEP's Sande… https://t.co/4ieVBvgmsf, Kudos to all our #Values Awards winners from last quarter. Low-cost computing and data storage have enabled advancements in mobile technology and the cloud, constant connectivity is the norm, and sensors … Are RPA and Conversational platforms or … the future will have a focus. 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