Technology & Automation
Technological advancements like AI, blockchain, and smart logistics are transforming procurement processes, enabling greater efficiency, transparency, and innovation in supply chain operations.
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Technology & Automation
Technological trends are revolutionising source-to-contract and procure-to-pay procurement processes. From integrating Best of Suite (e.g., SAP Ariba) to deploying Best of Breed software solutions using the latest technology (e.g., robotics and artificial intelligence), organisations are striving for greater efficiency, cost-effectiveness, and agility. Understanding and leveraging these technological advancements is essential for staying competitive in procurement. In the following chapter, we identified six refined Technology and Automation trends that are analysed in detail: AI & Machine Learning, Blockchain & Digital Identity, Virtual World Integration, Advanced Technologies, Smart Logistics, and Process Standardisation & Automation Tools.
Procurement Pathfinder 2024
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The Macrotrends for Technology & Automation
Artificial Intelligence & Machine Learning
AI and ML in procurement involve leveraging artificial intelligence and machine learning to optimise processes and decision-making. This includes AI-driven demand forecasting for accurate predictions, Digitised Vendor Management to streamline supplier interactions, and Marketplace Matchmaking to find the best procurement opportunities. These technologies enhance efficiency and agility in procurement operations.
Blockchain & Digital Identity
Blockchain and Digital Identity ensure secure and transparent transactions. This includes Procure-to-Pay Digitisation, which streamlines the procurement process from ordering to payment, and Smart Contracts, which automate and enforce contract terms. These technologies improve trust, traceability, and security in the procurement process.
Virtual World Integration
Virtual World Integration leverages virtual and augmented reality for enhanced collaboration and training. This includes Cybersecurity measures to protect virtual environments, Digital supply chain twins that create virtual replicas of the supply chain for better planning and management, and Virtual Marketplaces for efficient trading and sourcing. These technologies provide immersive experiences that improve decision-making and operational efficiency.
Advanced Technologies
Advanced Technologies involve adopting cutting-edge tools to drive innovation and efficiency. This includes Next-gen Wireless & 5G-IoT for seamless connectivity and Smart Labels & Edge Computing for real-time data processing. These technologies enable more responsive and flexible supply chain management.
Smart Logistics
Smart Logistics in procurement optimise the movement of goods through technology. This includes Smart Delivery solutions that enhance delivery speed and accuracy, and Integrated Cloud Logistics Platforms for seamless logistics management. These innovations streamline logistics operations and reduce costs.
Process Standardisation & Automation Tools
Process Standardisation and Automation in procurement focus on creating uniform procedures and automating repetitive tasks. This includes Data-led Supplier Evaluation to optimise supplier selection and performance. These practices boost efficiency and reduce errors.
AI and ML in procurement involve leveraging artificial intelligence and machine learning to optimise processes and decision-making. This includes AI-driven demand forecasting for accurate predictions, Digitised Vendor Management to streamline supplier interactions, and Marketplace Matchmaking to find the best procurement opportunities. These technologies enhance efficiency and agility in procurement operations.
Blockchain and Digital Identity ensure secure and transparent transactions. This includes Procure-to-Pay Digitisation, which streamlines the procurement process from ordering to payment, and Smart Contracts, which automate and enforce contract terms. These technologies improve trust, traceability, and security in the procurement process.
Virtual World Integration leverages virtual and augmented reality for enhanced collaboration and training. This includes Cybersecurity measures to protect virtual environments, Digital supply chain twins that create virtual replicas of the supply chain for better planning and management, and Virtual Marketplaces for efficient trading and sourcing. These technologies provide immersive experiences that improve decision-making and operational efficiency.
Advanced Technologies involve adopting cutting-edge tools to drive innovation and efficiency. This includes Next-gen Wireless & 5G-IoT for seamless connectivity and Smart Labels & Edge Computing for real-time data processing. These technologies enable more responsive and flexible supply chain management.
Smart Logistics in procurement optimise the movement of goods through technology. This includes Smart Delivery solutions that enhance delivery speed and accuracy, and Integrated Cloud Logistics Platforms for seamless logistics management. These innovations streamline logistics operations and reduce costs.
Process Standardisation and Automation in procurement focus on creating uniform procedures and automating repetitive tasks. This includes Data-led Supplier Evaluation to optimise supplier selection and performance. These practices boost efficiency and reduce errors.
Check out all Microtrends for Automation & Technology
Check out the other Megatrends
Our Experts for Technology & Automation
Patrick Strobel
Andreas Stoffel
