Tools

Forget RPA: the future of procurement is autonomous

Sammeli_Sammalkorpi.jpgBy Sammeli Sammalkorpi, VP: Customers and Co-founder of procurement analytics solutions provider Sievo

Let's face it - procurement teams are not the first to hop on the latest technology trends and the industry has been historically slow to digitize daily workflows. But now, with more data being generated in the last two years than in the history of mankind, procurement teams are starting to realize not only the benefits and competitive advantage that new technology can bring, but also that it is nearly impossible to manage the abundance of new data sets without it. For example, leveraging AI and machine learning to integrate this new data into procurement analytics strategies can equip organizations to dynamically understand spending, predict future outcomes and measure the trade-offs of various sourcing decisions.

Managing Supply chain cyber risks

VenishaNayagar_100.jpgWhen companies think about security, it is usually about securing their networks, software and digital assets against cyber-attacks and/or data breaches. But, in supply chain - whether it is a vendor used for facilities management or for cloud hosting - almost every organisation depends on a growing supply chain of services, creating an eco-system of dependency. As this eco-system grows to include fourth- and fifth-parties, it becomes more vulnerable to security risks. Recent major cyber-attacks were as a result of third-parties being compromised.

In this month's SmartProcurement, Venisha Nayagar, Director at Crypt IT Information Risk Management, takes a look at supply chain data risks.

Procurement empowered by cognitive and intelligent applications

Marcel_Vollmer_100.jpgBy Dr Marcell Vollmer, Chief Innovation Officer, Celonis

Across all industries, procurement leaders are seeking significant and measurable productivity gains. New technology, based on machine learning and artificial intelligence, is driving the digital transformation of the procurement function to deliver value, driving supplier innovations, performing risk management, securing a sustainable supply chain and, of course, managing budgets.

Post-COVID-19 cost savings in the mining and manufacturing industries

Cost_savings_mining_100.jpgWith cost pressures likely to mount up as we recover from COVID-19, mining and manufacturing companies must find alternative methods to reduce total cost of ownership relating to product procurement and product consumption.

"A product information management (PIM) system can help", says Isak Marais, CEO, DigiTeams, which specialises in bespoke digital transformation within the mining, manufacturing, wholesale and retail sectors.

4 cloud procurement myths

Weimer_Vieira_200.JPGCloud procurement means different things to different people. In this article, Leigh Weimer and Anthony Vieira dispel some of the dominant myths around implementing cloud‑based products to equip you with information for the decision‑making process.

16 tried-and-tested tips on running productive meetings remotely

ProductiveRemoteMeetings_200.jpgBy Michael Healy, Supply Chain Partner

The outbreak of COVID-19 has forced companies to get creative about how they connect and meet with customers and teams.

Working with cloud applications allows us to workshop, design and configure systems remotely. With apps like Zoom and Microsoft Teams, working remotely can be easy and cost effective. But making it a positive and productive experience for everyone joining in does take some planning.

Here is a checklist from Supply Chain Partner to help you get the most out of your remote sessions:

The 5 key traits of a future-ready Finance Leader

AngelaMazzaTeufer_100.jpgBy Angela Mazza Teufer
Senior Vice President ERPM WE, ERPM North install base

Finance has always taken advantage of technology to improve productivity and collaboration. But with continuous innovation now driving our economy, the goalposts have moved. Today's organizations must adopt an agile finance operating model-- powered by emerging digital technologies and skillsets. The success of that model depends on 5 keys traits that the Finance Team must possess.

When Oracle and the Association of International Certified Professional Accountants (AICPA) decided to follow up our look at the best finance organizations, we already knew that agile finance functions were taking advantage of cloud technologies to improve efficiency; centralize process management and subject matter expertise; make greater use of analytics to contribute insights; and deploy multi-disciplinary teams to partner with decision makers.

Talking to both agile finance pioneers and those in less-advanced organizations for the new report, Agile Finance Unleashed, we discovered even deeper links between successful business and digital finance transformation. And the conversations with CFOs successfully delivering operational excellence and strategic influence using digital intelligence led to five conclusions about what makes for effective, future-ready finance leaders.

5 core drivers for end-to-end procurement automation

SubhroSen_100.jpgSpeed to value can be elusive but it is of vital importance for any organisation.

Many procurement organisations realise the increasing pressure to maximise savings and accelerate delivery timelines. But they also want to mitigate supplier risks. Altogether, legacy manual processes and age-old frameworks compel procurement leaders to rethink their strategy.

Subhro Sen, from procure-to-pay solutions provider Zycus, discusses five core areas where digital procurement transformation augmented with artificial intelligence (AI), machine learning (ML) and robotic process automation (RPA) are driving value for organisations who are seeking fast-paced growth while trying to keep ahead of the competition.

3 roadblocks to implementing AI in procurement

SammeliSammalkorpi.jpegBy Sammeli Sammalkorpi, VP: Customers and Co-founder of procurement analytics solutions provider Sievo

In late 2017, MIT's Sloan Management Review (in collaboration with the Boston Consulting Group) seemed to confirm what most in procurement had long inferred. Our expectations for artificial intelligence (AI) are well out of proportion with our preparedness.

In short, we are fond of talking the talk, but almost totally unfamiliar with walking the walk. The abovementioned survey of more than 3 000 executives found that, while 85% expected AI to help "obtain or sustain a competitive advantage", less than 39% had any sort of AI strategy in place. Just one in 20 had "extensively incorporated" AI into their organisation's service offerings/day-to-day processes.

Technology and procurement management in SA - it's about more than just disruption

ProcurementManTech_100.jpgOver the last half-decade or so, technology has become increasingly more disruptive within the procurement industry. Across various offerings, you are promised the next big thing in procurement management that will help you save time and money and, ultimately, improve the way your organisation approaches the end-to-end procurement process.

However, an effective procurement solution is more than simply a means to cutting costs and improving efficiencies within an organisation - particularly in a country such as South Africa, with complex compliance and legal requirements.

Autonomous procurement: the next evolution

JamesMarland_100.jpgBy James Marland, Global Vice President, SAP Centre of Excellence for Spend Management

Welcome to the world of autonomous procurement, where procurement professionals are augmented by machines and can focus on strategic relationships which require human creativity and empathy.

Transparency in supply chains and blockchain: what is the most common trap?

Bertrand_Malteverne.jpgBecoming aware of blockchain's weak spots is an important first step towards taking full advantage of what the technology really has to offer

By Bertrand Maltaverne

Procurement processes are not exempt from ICT progress

MosesManuel_100.jpgFrom a broader point of view, development in information communication technology (ICT) has radically changed the manner in which people conduct business. Speed of communication and information exchange mean that you can offer real-time answers to customer enquiries, process transactions and convert potential leads into paying clients.

"The procurement process is no exception to these changes", says Moses Manuel, a lecturer in business, legal and development-related studies and founder of the Zerite Network.

Where the world of procurement is heading

SammeliSammalkorpi.jpegHaving more data generated in the last two years than in the history of mankind is an opportunity to recognise how analytics is a source of competitive advantage. Sammeli Sammalkorpi, Co-founder of procurement analytics solutions provider Sievo, shares some key points from a lecture presented at the London Business School.

The five rights of procurement

EmanAbouzeid_2_100.jpgThe primary task of procurement is to provide the 'right' inputs for an organisation's processes.

The 'right' inputs are traditionally described as follows:
- Inputs of the 'right quality'
- Delivered in the 'right quantity'
- To the 'right place'
- At the 'right time'
- For the 'right price'

These are often called the 'five rights' of procurement and supply.

Eman Abouzeid (CSCP, CIPS), a procurement and supply chain professional with global experience, unpacks why it is important to achieve the five rights.

Blockchain will not save the world (at least not this year...)

Bertrand_Malteverne.jpgBlockchain hype has spread like wildfire... "But it's time for a reality check", says Bertrand Maltaverne, Solutions Consultant, who helps organisations to digitally transform their procurement practices.

Walk the talk: machine learning and big data for procurement analytics

SammeliSammalkorpi.jpegIn procurement analytics, there are two clear trends:
1. Data is the new oil.
2. Big data and advanced analytics, such as machine learning, deep learning and neural networks, definitely create new opportunities.

The way we can automatically extract insights from vast amounts of data will both unearth new opportunities as well as move tasks performed by humans to machines.

As these great opportunities exist with a lot of buzz, the big question remains: how do we walk the talk? Sammeli Sammalkorpi, Co-founder of procurement analytics solutions provider Sievo, tries to answer this question.

Join us at Smart Procurement World in 2019! Our exciting theme this year is Walk the talk: high impact procurement. We will explore topics such as policy vs. impact, governance for results and delivering impact at board level.

How to get to 100% value creation from procurement

GaryNobel_100.jpgAs procurement professionals, what do you think your suppliers think of you - and do you care?

Do they see you as a hard-edged negotiator who wants to strike the best deal, based on price alone? Or do they see you as relationship-driven, keen to create more visibility within the business and developing inter-dependent relationships with your supply base?

Hopefully you want to be seen as the latter, but are the systems and tools you have in place sometimes working against you? Asks Gary Noble, joint managing director of 1st Executive, an international procurement and supply chain recruiter.


 

 

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