Cognitive Procurement: Using AI and Machine Learning Tech
Full Report Available: April 2020
Cognitive procurement refers to the utilization of AI technology with the ability to progressively “learn” to recognize patterns and optimize procurement performance. Mechanical cognition offers the ability to not only apply automation to some of the routine tasks that would normally take place within the scope of procurement’s duties, but then to actively improve on those outcomes, all while delivering analytics that procurement leadership can use to direct their strategies and provide hard metrics to their stakeholders.
Based on results from ProcureCon’s 2019 CPO Study, an estimated 89% of respondents will have applied automation to over 50% of their relevant procurement processes by the end of Q4 2019.1 Within this context, the possibilities presented by the application of cognitive procurement are both much greater, and much closer to being realizable. With a groundwork of automated processes and data capture already established, leaders in the procurement space are primed to seek out the use cases for more fully developed AI within their organizations and then develop that technology over the next 12 months.
Within our next report, WBR Insights will research how procurement leaders are currently translating their digital investments into a jumping-off point for the introduction of greater AI and ML use. From the cutting edge, to the middle of the pack, you will be able to evaluate where you stand and then develop your technology roadmap armed with valuable context.
Full Report Available: April 2020