Too long in the abyss of obscurity, the procurement department finally started getting the attention they deserved.
The Chief Procurement Officer (CPO), the disguised leader who was working hard to put the procurement function on the organization’s strategic road map, has finally started seeing his efforts getting recognized.
Battered by the global economic uncertainty, the organizations started looking for alternatives ways to realize savings. They realized that to be competitive globally, the organization needs to create a consistent saving opportunities source.
They didn’t have to look far as the CPO was already ready with the plan.
The CPO reasoned, What would be the better way to create saving opportunities than out of the organization’s spend?
The CPO called for more and more company-wide spend that they need to bring under procurement’s purview. The procurement function was not only better positioned to create savings opportunities out of the spend. It was also the central point of contact for the company’s supplier base.
As the company’s scope of operation expanded globally, the number of suppliers increased exponentially. The amount of risk increased exponentially as well with that.
However, with added responsibility and not so much help available in terms of getting the right tools to gain company-wide spend visibility, managing supplier relationships better, contracts visibility to unlock hidden saving opportunities, the CPO was finding the task impossible.
The procurement team was also struggling to finish the job efficiently. However, the processes were all manual, leaving the team with no time to spend on strategic initiatives.
There was an environment of chaos and helplessness in the procurement department.
The ERP giants tried to offer help by providing a procurement add-on to their already complex ERP solution at an additional cost. However, the procurement add-on of an ERP provided very little in terms of functionality.
There was no innovation done to address the real challenge of procurement professionals. It was a money-making scheme from the ERP giants with little or no concern for the procurement professionals’ pain points.
But not everyone was trying to benefit from the plight of the procurement professionals. Hence, the creative forces at a faraway world called Zycus decided that someone has to do something to change the status quo.
They began working on creating a modern-day avatar iZ that will transform the entire procurement landscape from Source-to-Pay.
The visionaries at Zycus realized from an early stage that Artificial Intelligence (AI) would be the future of technology. They envisioned iZ to be someone who learns and evolves its functionality just like an AI engine does. Hence they laid the foundation iZ on AI.
Slowly and steadily, iZ started to gain powers. Also, it began adding arsenals to its repository to tackle any challenge in the procurement’s journey from Source-to-Pay.
Now powered with the latest innovation from Zycus innovation hub, Merlin AI Suite, iZ is all set to bring about real transformation to the procurement fraternity.