Procurement Technology Blog Posts

Procurement technology has revolutionized the way organizations manage costs. By automating the procurement process, companies can save time and money on administrative tasks such as issuing requests for proposals (RFPs), reviewing bids, and negotiating contracts.

Technology also enables businesses to more efficiently compare prices and track spending. This helps organizations stay within their budget and make more informed purchasing decisions.

In addition, procurement technology can improve communication between buyers and suppliers. This open and transparent dialogue can help build better relationships and encourage collaboration.

Overall, procurement technology provides a number of advantages that can help organizations manage their costs more effectively. By automating the process, businesses can save time and money on administrative tasks. Through improved communication, businesses can foster better relationships with their suppliers. All of these advantages can help organizations become more cost-effective and efficient in their purchasing decisions.

Top five futures of procurement technology advancements

1. Artificial Intelligence (AI) and Machine Learning:

The use of AI and machine learning in procurement will enable organizations to make better decisions by understanding the data collected throughout the procurement process. This technology can help identify patterns and trends, which can then be used to improve negotiations, supplier management, and contract management.

2. The Blockchain:

The blockchain is a distributed database that allows for secure, transparent, and tamper-proof transactions. This could be used in procurement to create an immutable ledger of all transactions. This would help improve transparency and trust between buyers and suppliers.

3. Augmented Reality (AR) and Virtual Reality (VR):

AR and VR technology can be used in procurement to provide visual representations of products and services. This would help buyers make more informed decisions and improve the negotiation process.

4. The Internet of Things (IoT):

The IoT is a network of connected devices that collect and share data. This data can be used in procurement to tracking supplier performance, identify irregularities, and improve supply chain transparency.

5. Robotics:

Robotics can be used in procurement to automate tasks such as bid analysis and contract management. This would help speed up the procurement process and reduce the need for human intervention.

Useful Procurement Technology Posts:

January 29, 2021
The APIA Secret Sauce

The APIA Secret Sauce: Ingredients for a successful AP Transformation

Imagine if you were able to work in a “touchless” accounts payable department. The “touchless” AP transformation process utilizes...…
January 6, 2021

Three ways AP automation can help organizations reduce costs

AP Automation is not a completely new concept. The benefits of Artificial Intelligence are very well documented when it comes to optimizing...…
December 31, 2020
Accounts payable

Artificial intelligence for accounts payable: All you need to know

Accounts payable has been impacted by AI in recent times. Over the last decade, there have been significant advancements made across...…
December 8, 2020
Procurement gifting guide

Procurement gifting guide – A unique guide for procurement professionals

Procurement gifting guide in the holidays is all about love, togetherness, and gratitude – none of which fit into a gift box. But when done...…
December 2, 2020

Revolutionize Accounts Payable with Artificial Intelligence

Accounts payable automation benefits can be realized through AI today. AI solutions have already become a reality, and they are considered...…

November 27, 2020

Reap The Benefits Of Autonomous AP Processes By Going Touch less Today

Accounts payable software makes paperless invoices and empowers businesses by overcoming old-fashioned tasks. Learn how companies are taking advantage of AP automation.…

November 27, 2020

What’s Next In Accounts Payable Automation

Streamline all your company invoices with Zycus account payable software to reshape your business.…
November 24, 2020

A CPO’s Thanksgiving 2020 Wish

While Thanksgiving is often associated with family gatherings, eating turkey, and celebrating togetherness, it is also about extending our...…

October 23, 2020
common procurement mistakes

5 Most Common Mistakes in Procurement and How to Solve Them

Common procurement mistakes can easily turn into procurement horrors. If you are working with an inefficient system, it will lead to a whole host of joint procurement and purchasing problems.
August 28, 2020
Manufacturing Supply Chain

5 procurement levers to optimize manufacturing supply chain during a pandemic

Manufacturing supply chain optimization has become the need of the hour in these times. Learn how these 5 procurement levers can help you.…