Current Adoption of Emerging Technologies in Procurement
The sheer volume of data being gathered, store, analyzed and connected is changing the way business decisions are made, even more in Procurement domain. Emerging Technologies (ET) – including Artificial Intelligence (AI), Machine Learning (ML), Robotic Process Automation (RPA), Blockchain, Internet of Things (IoT), Augmented and Virtual Reality (AR-VR), Image and Video Analysis, and Virtual Assistants – have a great potential to act as powerful enablers, especially, in the hands of purchasing and procurement teams. Here are some details of ET applications in all phases of procurement (plan, source, order, recieve, pay, manage, and govern)
Analyzing Key ETs w.r.t., their Impact on Procurement
Note:
The data is based on qualitative analysis inferred from various articles, industry reports or case studies by leaders in the industry; examples specific to impact on procurement are very limited, and hence wider industry is taken into consideration for same
Dark shades represent areas of higher impact and the lighter shades are for lower impacting technologies
Parameters of assessment:
Current or futuristic use of technologies in different parts of procurement function
Impact of technologies in terms of Return on Investment (ROI), Risk Mitigation, Productivity and Efficiency Gains
Key suppliers of the technology