Cognitive Procurement: AI implemented in sourcing

Where and how is digital transformation impacting Procurement departments? How is the supply chain evolving and what are the latest business trends? Thanks to automation, Data Analytics and artificial intelligence (AI), Procurement teams can discover new areas of value, while keeping downstream transactional activities seamless and even more efficient than in the past.

Such technology tools ultimately enable supply chain and sourcing information to be shared more seamlessly across all the different phases of product development, for example, at the design, engineering and production levels.

Now, supported by digital tools that automate downstream procurement functions, buyers can focus on collaborating with a network of external partners to create new and innovative products and business models.

Cognitive Acquisitions: The Future is Now

An example of this is "Cognitive Procurement" or "Cognitive Procurement", as it is known in English. This is a method that consists of using self-learning technology to process data in order to optimize, boost and improve the processes of Procurement or Purchasing of goods and services in companies (industrial supply). 

Procurement, being a very data-rich area, is an ideal candidate to reap the benefits of cognitive technologies. On the one hand, there are millions of data on raw materials, goods and services, transportation and delivery, and suppliers. On the other hand, it is also a transaction-based industry. 

Therefore, these types of systems are effectively helping procurement professionals find better (and faster) information. This, in turn, is speeding up decision making and ultimately generating a better ROI for companies using these technologies. 

Nos encontramos frente a la cadena de suministro 3.0, en donde el contexto global es el principal factor que la diferencia de sus antecesoras. Si la cadena de suministro 1.0 se centraba en los commodities y la cadena de suministro 2.0 se centraba en los datos, ahora hace falta “aplicar arquitecturas más modernas como el Aprendizaje Automático y la Inteligencia Artificial para tomar mejores y más rápidas decisiones”, aseguró el profesor consultor de Stanford y experto en Transformación Digital, Marc Theeuwes, para el medio digital ScoutBee.

En el presente blog, podrás encontrar varios casos de éxito de empresas que han utilizado las ventajas de las Adquisiciones Cognitivas mediante Wherex, plataforma de e-procurement basada en Inteligencia Artificial y Data Analytics.