How prepared are you to handle the Procurement Transformation : Expecting the Unexpected
Ekaphol was all of 25 yrs happy, dynamic and a successful football coach. Ekaphol’s life was good, until one day he decided to take 12 young kids from the Moo Pa ( Wild Boar) academy to Tham Luang cave in the Doi Nang Mountain range of Thailand. He turned complacent and turned a blind eye to the monsoon rains forecast. He was not prepared for the impending danger.
It was heart-rending to find out that 12 boys and their soccer coach who had been trapped in a flooded cave in Thailand for nine days were miraculously found alive. Even though the rescue officials knew the window in which they could launch a rescue operation was diminishing, yet they embarked on the mission to bring home the boys. A daring rescue mission in the treacherous confines of a flooded Thai cave saving all 12 boys and their soccer coach who was trapped deep within the labyrinth gave hope that miracles do happen.
But can you leave everything to that chance encounter with the miracle?
Many changes are happening in the world of procurement. Most often we are not equipped to cope with the world we are entering. There may be a huge demand for goods caused by severe weather or a natural disaster. Procurement professionals, who are often well-equipped to deal with normal seasonal variations in demand, but may not be prepared for an unpredictable, yet substantial increase in demand in what had been a relatively stable environment. Coupled with this, the emergence of distributed ledgers to blockchain to the Internet of Things are disrupting the way procurement traditionally preferred to function. The world we once knew is gone. The need to both understand and adapt to these new developments is crucial. The latest technologies from artificial intelligence, robot-advisors, predictive analytics are affecting the world of procurement like never.
With your needs constantly changing and increased cost pressures, it’s never been more critical to future-proof your procurement strategy. Future proofing and procurement transformation are interdependent. As the future becomes increasingly volatile because of the advent of disruptive technology, the only way procurement can survive in this volatile environment is by quick and extensive transformation.
Future proofing of procurement requires a collaborative approach with all the internal stakeholders. It renders the entire organization more future-oriented, flexible and shock-resistant. Procurement software with the forward-looking capabilities like uncertainty analyses can predict radicle future scenarios by algorithms by feeding past data. AI-Powered procurement software solutions can allow us to detect anomalies in real time that let you trigger an alert of something going wrong or about to happen, thereby make the unpredictable future more predictable, and you help to generate new business opportunities based on the entire scope of the potential risks/opportunities.
Do you want to shift your focus to the arduous task of migrating from legacy system to smart automated Source-to-Pay system?
Your search for Procurement Transformation ends here. Click here to stop by and see how we can help you get more value out of Zycus solution and get insights to the future role of the Procurement in a cloud-based world.