Procurement Technology

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 thanks to our colleagues and peers at the workplace who make it a better place to work. So what does a successful CPO’s Thanksgiving 2020 prayer will sound like? 

· I am thankful for my procurement team for accepting technological innovations which allows me to focus on strategic initiatives by putting routine tasks on auto-pilot mode

· I am thankful for my buyers who effectively and ethically keep a tight rein on our spending and avoid overshooting the budget by using AI-powered spend solutions 

· I am thankful for my suppliers, who use our state-of-the-art Contract Discovery BOT that helps us automatically read, extract, and interpret critical business information from large volumes of contracts to help provide us with premium goods and services 

· I am thankful for my legal and contract management team who take away the mammoth task of risk mitigation and reviewing contracts by eliminating third-party contract clause risk through an A.I. Contract Risk Bot & Force Majeure Bot

· I am thankful for my AP team, who work tirelessly to guarantee an upwards of 95% accuracy in invoice data extraction, supplier inquiry management, and invoice processing through correctly identified AP automation tools

The prayers are an ideal situation of necessary relationships that a CPO holds in her organization. However, if these prayers sound untrue and unachievable to many of you, it is an indication that your organization needs process improvement to achieve maximum success through automation. Hence, if you want to change, take action to build suboptimal relationships throughout the year and make this list a dream list for your organization!

Happy Thanksgiving, everyone!

Kasturi Guha

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Kasturi Guha

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