How Technology is Driving Procurement

by Procurement Freelancers Team
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In this digital age, organizations are embracing connectivity more than ever before. With the advent of digital technologies, organizations are emphasizing their efficiency levels and productivity standards. These technologies are opening new opportunities for marketers so that they can react to the needs of consumers and suppliers. Modern-day organizations consider procurement as a viable option to reduce their production costs. With these technologies, marketers are further streamlining their procurement operations. Many organizations take help from procurement consultants in this regard. Analytics has an important role to play in the food industry. Similarly, AI is driving the growth of the public sector. Machine-learning plays a great hand in the manufacturing sector and thereby, reducing the work burden of marketers.

Sectors that are Experiencing Significant Technological Shifts

The sectors that are experiencing significant technological shifts are listed as follows:

Food and analytics

It will not be an exaggeration to say that the food industry revolves around consumer data nowadays. Many reputed food industry consultancies are using data as a part of a collaborative effort to develop positive relationships between the biggest food brands and suppliers. With the help of analytics, marketers are assessing how supply chains can be optimized while simultaneously addressing the farm-to-fork movement.

Data analytics is having a profound effect on the food industry. This rampant usage of data from the part of organizations is driving down the costs and inefficiencies. This is also helping marketers to utilize free resources for innovation. This data use is also facilitating supply chains at large. It is widening the scope of fresh foods available in the markets.

Public sector and AI

The governments of various countries are spending lots of money on AI research. The reasons for this are obvious. AI helps marketers to make better decisions in a complex global environment. A large number of regulatory bodies are implementing AI to process large amounts of data. Advanced AI-bot can detect fraud effectively. This bot can process more than half a million documents per day. This is also reducing the need for recruiting new staff. Moreover, an AI-bot is not prone to errors as a human being.

Nowadays, besides fostering the relationships between marketers and suppliers, procurement subcontractors are also giving effective suggestions to organizations regarding the implementation of AI techniques. The AI-bot can process half a million documents a day. It speeds 2000 times faster than a human lawyer. It is bound to accelerate the procurement activities of organizations. Effective implementation of AI cuts down the investigation time while enabling investigation teams to categorize financial documents and scrutinize transactions effectively.

Manufacturing and machine-learning

Machine-learning speeds up the procurement processes of organizations at large. This is helping the manufacturers to make stronger alloys when compared to the past days. With the emergence of machine-learning algorithms, marketers can determine which products are to be produced in bulk amounts. Moreover, the amount produced is fitted to commercial needs.

Tourism and beacon technology

The tourism industry is using personal data of travelers to provide new facilities for guests. This is helping individuals to get hotel rooms according to their preferences. At a trade fair in Madrid, a prototype showcased how receptionists could vanish while enabling the guests to check-in using only facial recognition at the front desk. A large number of tourism companies are hiring procurement consultants for attaining better efficiency in their operations.

When the beacon technology identifies the customer, the room is automatically adapted to a series of demands based on the previous preferences of guests. The demands range from the reservation, temperature adjustment, and lighting settings. This technology even responds to the painting types that are showcased in digital frames.

Defense and AI

In recent times, the defense industry is also incorporating AI and robotics in its operations. This is facilitating “intelligent” warfare of the future. Governments of various countries are also getting benefited by this fact. The defense department of various countries is focusing on evolving a more intelligent procurement structure. AI enhances the quality of existing platforms in more ways than one. This is particularly evident in times of recruiting staff, soldiers, and fighting force. When these AI-enabled systems are integrated with humans, organizations can reap the benefits of quick decisions and better outcomes.

The above-mentioned sectors are undergoing a rapid transformation owing to the new-age technologies. The scenario is very likely to change further shortly. With the assistance of procurement subcontractors, organizations are also considering the priorities of suppliers. Stay updated with the latest technological trends if you want your organization to succeed in the global sphere.

Read: Impact of Artificial Intelligence on Procurement

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1 comment

SEO Services January 31, 2020 - 8:16 pm

Awesome post! Keep up the great work! 🙂

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