Posted on October 9, 2020 at 5:35 PM
With the way 2020 has panned out, there has been a paradigm shift in the way businesses think. The primary factor affecting the industry at large is COST and how to better mitigate it. Automation along with technology has played a big part in this regard not just as a solution but also as an essential way to go about it through different verticals such as logistics, supply chain, vendor management, procurement, etc.
Procurement as a process is as vast as an ocean with variables and processes second to none. It could begin with a quintessential purchase request which would be a purchase order (PO) as a next step. Then there would be a vendor invoice generated followed by a gate-in formality form, quality check, returnable gate pass, non-returnable gate pass, inventory, stock transfer to different warehouses, reports, analytics with numerous approvals along the way to give you a gist.
Utilizing technology to automate or streamline the process can be an arduous task but that is exactly the reason why there should be a solution for the same preferably in SaaS and Enterprise models. This in turn would empower buyers and purchasing decision-makers to manage suppliers, control costs, save money with complete transparency and quality.
Ideally, AI should be a part of it with seamless integration, implementation, and customization along the way. Predictive Analytics and forecasting would enhance the user experience and also add to the ease of use. If negotiation and reverse bidding are a part of the process, it would unleash technology to replicate the flow of information to the next level.
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