Sourcing and Procurement
The future of procurement is not far along…
In a fast-paced technology landscape, Procurement is keeping pace by transforming into a value-driven function.
In the current digitally enabled environment where technology has the centre stage, business operations demand an accelerated innovation journey. The New Normal for businesses also necessitates important organizational functions like procurement to transform itself from being operations-focused to be value-driven. This transformation is imperative for procurement teams to maintain healthy supplier relationships, interact effectively with the stakeholders, derive information from external influences to gain a holistic perspective and empower agile decision-making capabilities of organizations.
Typically, multiple stakeholders in procurement ranging from a category manager to sourcing manager and requester need to be supported, while disjointed data inputs internally and discreet information from external sources create a challenging scenario. If this inflow of data is structured with effective data analytics tools and AI, procurement stakeholders can transform an organization into a Live Enterprise that senses, observes, and throws meaningful insights about the commodities to buy and supplier market intelligence. SimpliBuy, a suite of tools and platforms built for procurement, stitches together these sentient elements within an organization with digital cognitive assistance, data analytics, AI- and ML-enabled system to drive agile decision-making, real-time alerts with 360° visibility, and enriched savings.
Bringing Procurement to life
With the growing significance of data across sectors, it has become crucial for procurement to be able to access data that integrates internal information and external market intelligence. Such data integration will not only help the CPOs in tracking spend and manage supplier relationships but also manage cost savings and supplier/vendor performance risk. Creating a Live Enterprise that can interact with disparate systems using AI/ML-enabled analytics and pull actionable insights from existing contracts and sourcing pipelines, can potentially be the catalyst that enables high impact decision support for category managers and aids insights-driven execution.
Today, the challenges faced by CPOs and their procurement organizations are beyond cost savings and compliance monitoring. The focus now is more towards new imperatives for business excellence, such as unlocking untapped value and introducing agility with hyper-productivity. Thus, delivering on organizational and stakeholders’ expectations with a strong digital mindset backed by innovation has become more crucial than ever. This calls for a modular yet holistic suite of services that can equip and empower CPOs and procurement organizations in a dynamically changing technology landscape.
By enabling intuitive decision-making automatically at scale, real-time solutions with actionable insights, and in-depth visibility into futuristic trends, SimpliBuy is positioning CPO organizations to innovate for the future of Procurement. Based on open-source technologies that operate across a hybrid, multi-cloud setup, the platform is carving the next frontier for CPO organizations.
One-stop solution for Procurement
With risk management and sustainability emerging as two crucial aspects in Business Continuity Plans (BCP), procurement has a high potential to integrate and leverage the market intelligence and integrated inputs generated from SimpliBuy, enabling teams to be proactive and predictive while arriving at a futuristic solution. Leveraging a self-learning platform where businesses get the opportunity to sense, learn, respond, and evolve with the changing dynamics, SimpliBuy is a scaffolding that is raising organizations to the sentient level of a living organism. The platform addresses the following five key dimensions:
- Collaboration and connection: Help procurement orchestrate strategic goals across business and functions while developing cross-business and cross-function synergy with integrated and real-time insights.
- Agility: Empowers organizations with deep insights into adaptable markets or flexible teams, helping them to respond to changes in commodity prices with agility. The platform also helps procurement reduce/ eliminate tactical tasks and build resilience by quickly responding to potential risks.
- Hyper productive: Leveraging new-age technologies, such as AI, RPA, and ML, procurement is evolving to be more efficient and productive. By implementing auto-execution and correction, it is creating a cognitive studio that further ensures high quartile performance.
- Sentient principle: Self-evolving and always learning, the platform is designed to sense, feel, and respond with precision to challenges of continuous compliance and data mining, thus empowering procurement with predictive and actionable insights.
- Omnipresent experience: Offering anytime/anywhere experience, the platform works as a cognitive assistant that can be accessed on the go for on-time/ real-time data.
Today, procurement is expected to deliver innovation, agility, and better visibility. But navigating the murky waters of unstructured data can be daunting and ineffective. To elevate procurement to have a seat at the decision-making table, extracting value from data inflow is imperative. An integrated platform with standardized and automated processes, and a centralized system, SimpliBuy is preparing CPOs for the future of procurement, which is uniquely positioned to become the nerve centre of a living and thriving enterprise.