By James Marland, Global Vice President, SAP Centre of Excellence for Spend Management. What now? Such environments can help Independent Software Vendors (ISV) create scalable applications and services that support multi-tier scenarios and automated deployments. The top two technologies, AI-based E-Sourcing and Automated Contract Review and Analytics are based around machine learning and artificial intelligence, which is at the heart of all technology innovations. The key to success will be picking the right tech for the job…. Procurement is changing, and it’s up to us to change with it. Digital technologies are on track to automate most routine procurement processes within three to five years. Click here to read the next article. Used to send data to Google Analytics about the visitor's device and behaviour. Future is About UX. Get your complimentary copy of Gartner’s 2020 Hype Cycle here. Combined with the powerful Cloud Services (containers of hosted applications), these applications can be internet-facing public web applications (such as web sites and ecommerce solutions), or they can be private processing engines for other work, such as processing orders or analyzing data. As an increasing number of developers begin publishing data in the public cloud while retaining access controls, information in the cloud is disrupting traditional procurement processes in the following ways: Existing legacy systems, as well as older packaged solutions, are often efficient in the business process support for which they were designed. Included in the poll are some of the hottest current and emerging technologies in the procurement space, but by no means an exhaustive list. This is a good indication of the procurement mindset but not meant to be fully representative.*. This includes cookies from third party social media websites and advertising cookies that may analyze your use of this site. Enterprises frequently need new technology, product, or services that are not fully defined even as their innovation cycles evolve. The former certainly is a daunting prospect. With beautifully rendered interfaces and flexible workflows, GEP provides users fresh, intuitive digital workspaces that boost adoption, productivity and performance. All of these technologies have powerful application potential in procurement especially when combined to form what we call autonomous procurement. These advanced technologies are not meant to replace people, but to augment them. When the internet garnered much prominence and e-commerce came into the game, such functions turned to email and websites. It would be either using already available platforms or … This will enable end-users to execute non-critical transactions themselves using the procurement platform, and resort to the procurement office in complex purchasing concerns. Rapid advancements in digital technologies are remaking business supply chains, and are poised to transform how the procurement function delivers value. The procurement platform of tomorrow will be a true window of predictive opportunity as open collaboration, global supplier intelligence, and peer network information turn into actionable intelligence for an enterprise decision maker. The platform of the future will be mobile in nature with built in features such as voice activated commands. The third option is to embrace the new architecture at the outset and work to adopt currently available individual solutions, updating them as they evolve. Over the past decades, procurement technology evolved as a series of modules, even as enterprises discovered processes that could be mapped into software—sourcing, contracts, purchase, payments, catalogs, and so on. On the other hand, a procurement platform conceived & designed with a view of all the activities, functions and processes a buyers does and hence the concept of modules has less meaning in the platform. Information will be available in real-time. Conversations about the future of procurement tend to revolve around technology, but there is more to the evolution of procurement than just technology. Today's procurement are aggressively integrating all these disparate modules to offer a “source-to-settle” solution. Share your thoughts, comments and suggestions, The pandemic-hit #CPG industry has found unique ways to get product samples to customers. However procurement should always be seen as adding value – simply not a process or transactional function. 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