Inarguably, technology has shaped the current state of procurement. At the Global Procurement Tech Summit, it was evident how true this has become. IBM's Vice President of Global Procurement Dan Carrell gave a presentation putting the topic into perspective. He shed light on how a massive corporation deals with procurement and even how IBM's Watson is helping their procurement processes. Procurement to go through Digital Transformation… like other industries!
Experts with ties to the World Bank Group presented options for using blockchain in e-government procurement (e-GP) in a report released Wednesday, Oct. 17. The World Bank Group includes organizations commonly known together as the World Bank. "Though the implementation of e-GP systems has contributed to enhanced efficiency and transparency in Government Procurement, there is potential for further advancement of the existing systems," the document -- which was developed for the Asian Development Bank -- reads. Countries such as India have over 50 such e-GP structures, which conversely leads to inefficiency, the report notes. Only a select few states worldwide, including Bangladesh and the Philippines, have "had success in implementing a unified e-GP platform."
First, it is important for procurement organisations and their leaders to embrace the reality and potential for AI and cognitive procurement. Understand that, like most technologies, AI may bring changes, but it also presents significant opportunities. Next, based on the capabilities outlined above, think about what projects or processes in your organisation could most benefit from cognitive procurement. As you apply AI to certain procurement tasks and processes, you'll begin developing internal capability and expertise. It will also change the profile and enhance the skill set of your procurement professionals.
BravoAdvantage is the strategic procurement platform that enables organizations to generate more value, influence innovation and reduce risk. It is powered by a unique supplier-centered approach that integrates supplier lifetime value throughout the entire procurement process, BravoAdvantage provides the visibility, insight and transparency that is required to power and improve user's procurement initiatives and decisions. With the BravoAdvantage offering, BravoSolution continues to strengthen a global reputation influencing innovation in strategic procurement and supply management helping organizations propel business growth and maximize competitive advantage. Users will be able to manage costs, compliance and risk. Aggregate spend data from multiple disparate systems; cleanse and classify data into a common classification structure; and perform multi-dimensional analysis--which enables users to identify saving opportunities and correct compliance breakdowns to ensure that users realize their negotiated savings goals.With BravoAdvantage's Streamline processes, user's can reduce cycle times and achieve valuable business outcomes.