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Demystifying Cognitive Procurement-Why it should matter to the CPOs
This e-book delves into the five fundamental procurement priorities highlighted by the Hackett Group’s CPO Agenda 2023, offering an in-depth exploration of each area. It emphasizes the criticality of cognitive procurement in optimizing performance and fostering achievements within these core domains.
We have got industry thought leaders and game-changers in the procurement field, including representatives from Procurement Insights, Zycus Inc., Home Capital Group Inc., eAgree Inc., and Procurement Consulting Ltd, to shed light on why and how cognitive procurement can transform procurement practices, ensuring a resilient and agile supply chain.
Divided into five sections, the e-book covers five core areas:
1. Digital transformation and supply ecosystem modernization:
By building upon the foundation of previous digital transformation efforts, cognitive procurement emerges as a key advancement in automation. With AI insights, procurement practitioners gain valuable support for their decision-making processes. However, it is important to remember that digital transformation is not solely about technology. It requires a holistic approach that considers people, processes, and technology in equal measure.
2. Supply chain stability and reliable continuity:
Procurement professionals are instrumental in ensuring stable and continuous supply chains. By selecting suppliers carefully, managing risk, and fostering strong supplier relationships, disruptions can be mitigated effectively. AI-based software can enhance visibility and communication within the supply chain, enabling quick response to disruptions.
3. Data modernization and improved analytics:
Leveraging data is crucial for procurement organizations to gain insights, identify areas for improvement, and make informed decisions. However, many organizations struggle with data silos and lack the skills to effectively analyze it. Creating a data-driven culture and adopting AI based data analytics tools can help unlock the full potential of data.
4. Combat inflationary price increases:
AI plays a crucial role in combatting inflationary price increases by providing organizations with the ability to negotiate favorable terms with suppliers, contain expenses, and make proactive decisions. By leveraging cognitive technology and AI, businesses can predict and mitigate the impact of inflation, optimize resources, and maintain stable pricing, ultimately improving their resilience in the face of economic challenges.
5. Reduce spend costs while achieving cost optimization:
By applying cognitive capabilities, organizations can optimize cost and improve decision-making. This includes utilizing AI-powered analytics to identify cost-saving opportunities, automate routine tasks, improve supplier management through predictive insights, and enhance contract management and risk assessment processes. These technologies enable procurement professionals to optimize cost and efficiency in the procurement function.
The e-book emphasizes the pivotal position of procurement departments in spearheading organizational advancements. It stresses the significance of adopting cognitive procurement and harnessing established processes, tools, and technologies. This strategic approach enables organizations to drive digital transformation, bolster supply chain resilience, enhance data analytics capabilities, mitigate the impact of inflation, and optimize costs. Drawing on the expertise of industry thought leaders, the e-book illuminates the transformative potential of cognitive procurement. By capitalizing on AI/ML solutions and embracing digital transformation, procurement organizations can improve operational efficiency, make well-informed decisions, and cultivate a more resilient and effective procurement process in today’s ever-changing business landscape.
To delve deeper into this topic, watch our on-demand webinar “Disruptive Innovation: The 5 Frontiers of Cognitive Procurement” to catch all the action and gain further insights.
eBook
This e-book delves into the five fundamental procurement priorities highlighted by the Hackett Group’s CPO Agenda 2023, offering an in-depth exploration of each area. It emphasizes the criticality of cognitive procurement in optimizing performance and fostering achievements within these core domains.
We have got industry thought leaders and game-changers in the procurement field, including representatives from Procurement Insights, Zycus Inc., Home Capital Group Inc., eAgree Inc., and Procurement Consulting Ltd, to shed light on why and how cognitive procurement can transform procurement practices, ensuring a resilient and agile supply chain.
Divided into five sections, the e-book covers five core areas:
1. Digital transformation and supply ecosystem modernization:
By building upon the foundation of previous digital transformation efforts, cognitive procurement emerges as a key advancement in automation. With AI insights, procurement practitioners gain valuable support for their decision-making processes. However, it is important to remember that digital transformation is not solely about technology. It requires a holistic approach that considers people, processes, and technology in equal measure.
2. Supply chain stability and reliable continuity:
Procurement professionals are instrumental in ensuring stable and continuous supply chains. By selecting suppliers carefully, managing risk, and fostering strong supplier relationships, disruptions can be mitigated effectively. AI-based software can enhance visibility and communication within the supply chain, enabling quick response to disruptions.
3. Data modernization and improved analytics:
Leveraging data is crucial for procurement organizations to gain insights, identify areas for improvement, and make informed decisions. However, many organizations struggle with data silos and lack the skills to effectively analyze it. Creating a data-driven culture and adopting AI based data analytics tools can help unlock the full potential of data.
4. Combat inflationary price increases:
AI plays a crucial role in combatting inflationary price increases by providing organizations with the ability to negotiate favorable terms with suppliers, contain expenses, and make proactive decisions. By leveraging cognitive technology and AI, businesses can predict and mitigate the impact of inflation, optimize resources, and maintain stable pricing, ultimately improving their resilience in the face of economic challenges.
5. Reduce spend costs while achieving cost optimization:
By applying cognitive capabilities, organizations can optimize cost and improve decision-making. This includes utilizing AI-powered analytics to identify cost-saving opportunities, automate routine tasks, improve supplier management through predictive insights, and enhance contract management and risk assessment processes. These technologies enable procurement professionals to optimize cost and efficiency in the procurement function.
The e-book emphasizes the pivotal position of procurement departments in spearheading organizational advancements. It stresses the significance of adopting cognitive procurement and harnessing established processes, tools, and technologies. This strategic approach enables organizations to drive digital transformation, bolster supply chain resilience, enhance data analytics capabilities, mitigate the impact of inflation, and optimize costs. Drawing on the expertise of industry thought leaders, the e-book illuminates the transformative potential of cognitive procurement. By capitalizing on AI/ML solutions and embracing digital transformation, procurement organizations can improve operational efficiency, make well-informed decisions, and cultivate a more resilient and effective procurement process in today’s ever-changing business landscape.
To delve deeper into this topic, watch our on-demand webinar “Disruptive Innovation: The 5 Frontiers of Cognitive Procurement” to catch all the action and gain further insights.
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