Procurement process in Corporates is a routine and mandatory one to run a business by all means. No company can operate with the requirements it procured during its inception. As procurement becomes a regular activity with a lot of human effort and money go into it, corporates tend to organise it with a separate team and look into it.
Gone are those times, companies buying their requirements for the time being from a neighbourhood store which does not assure quality, value for money, availability of goods and on-time delivery. Corporate procurement in today’s scenario is growing on employee needs and requirements and it also quality bound. With these developments, cognitive procurement comes into the picture. Cognitive procurement is an emerging trend in the industry which helps the whole supply chain work efficiently and with ease.
Cognitive procurement assists the supply chain managers in decision making especially in a complex and dynamic environment. The pace of innovation is picking up momentum at an exponential rate. Emerging technologies such as blockchain, 3D printing, autonomous mobile robots, IoT, machine learning, and related technologies are continuing to get popularity.
Deloitte’s 2017 Chief Procurement Officer (CPO) Survey illustrated that there is a will to adopt emerging digital solutions and technologies, but the timeline for integration is very uncertain. “90% of executives anticipate that their industries will be disrupted by digital technologies.” However, “only 44% are adequately preparing for disruptions to come, and only 5% have the leading class capability” (Deloitte CPO Survey 2017).
Big data analytics will continue to play a key role in improving sourcing, planning resources, collaboration and managing supplier risk. Predictive analysis is still an untapped resource in the context of the supply chain for most businesses. If used correctly, it can anticipate and respond to disruptions well in advance. Supply Chain Managers will slowly switch to automating supplier management, contract lifecycle management, and spend analysis using the power of natural language processing (NLP).
Cloud-based technologies are increasingly penetrating the procurement industry and as a result, increasing efficiency and productivity of process and function. Real-time view of budget reports and elimination of human error provides easy access to business metrics. This can, in turn, be used to make smarter purchasing decisions that can keep up with consumer demand and help businesses remain competitive. Cloud technologies along with IoT encourage the popularity of (SaaS) software-as-a-service applications that can benefit even small businesses.
In the coming years, cybersecurity will surpass physical security as the top concern for most manufacturers. As procurement trends slowly shift to digitally enabled supply chains that depend on cognitive performance, businesses will be pushed to heavily invest in cybersecurity as a priority.
Kobster as a leading B2B e-procurement firm in India has the privilege of integrating India’s first e-procurement tool for corporate. Kobster’s E-procurement tool, Kobster Elite is a huge step towards eco & tech-friendly sustainable procurement. Kobster’s tool provides a safe and secure eco-friendly way of procuring corporate goods and through their continuous research and development they innovate big in the procurement sector and stands reliably for its customers.