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Technology Evolution for Business Procurement

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Technology in terms of software is expanding in to the dimensions of procurement. The evolution of technology over the years has created and provided a valuable set of tools and processes that are used to run businesses today, but how is the emergence of technology and system software changing procurement activities?

The structure and frameworks that work within procurement practices have become outdated in the world of new aged systems and requirements. Core offer, acceptance, contracts and payment paradigm is no longer the built in process as technology evolution is not only automating the old processes but reinventing them as well.

New systems to help the management of contracts data and the procurement process can be defined by four trends emerging from the evolution:

  1. Cloud Technology

Not everyone understands the concept of cloud computing as little has been written and in the world of celebrities’ personal lives it is not having a good reputation. But in terms of business cloud computing opens up opportunities of cost reductions. Using a system that is cloud based allows procurement professionals access to unlimited amounts of information and data and enables off-premises access which lowers the cost of doing business in every part of the procurement process. With a cloud based system intelligence becomes richer and faster to gain access and control.

  1. Access Platform

Not only does cloud based system allow access to an unlimited amount of information; the evolution of the technology enables the flow of information to be available from multiple devices. The procurement platform is then available in different offices and multiple locations.

  1. Big Overwhelming Data

Large amounts of overwhelming data will no longer be a problem as technology expands through the business process; data information bots inside the systems software will be cognitive and intuitive in nature. As a result the process is a more efficient and effective way of working. Data is managed from machine-to-machine as new technology allows productive solutions for faster information and analytics. A system that possesses algorithmic processes results in a self-driven procurement process which can automate purchasing decisions and supplier performance management.

  1. Social & Cognitive Networks

With the growth of data living in the cloud and being accessible to various departments, they combine to provide fertile ground for social and cognitive networks. Improved processes lead to more efficient use of time to value and create a better total landed cost analysis. A system which has cognitive software can read data to create contract options and recommendations for managers. With new thinking tools set in place procurement departments will be able to rely on the system functions to provide analysis, to then focus more one decisions that will point to better business outcomes.

The evolution of technology is providing a range of opportunities for business. Technology has created cognitive software to make day to day work tasks simple; managing your business data and producing rich information to help you make better business decisions.