4 BENEFITS OF INFORMED BUSINESS PURCHASING

Artificial Intelligence (AI) is the ability of machines to recreate human capabilities such as reasoning, learning, creativity and planning. Over the years, these types of technologies have increased as they have demonstrated the efficiency they produce in business purchases by working hand in hand with people.

In this way, different technological platforms based on the use of AI have been born to make the work of purchasing executives in companies more efficient. This is known as cognitive procurement, which consists of using self-learning technology and all the information obtained from the supply chain to process data in order to optimize, boost and improve corporate purchasing processes to obtain personalized and accurate results.

These technological solutions are designed to collaborate directly with the purchasing executive, automating certain routine tasks and complementing their work to take them to the next level of efficiency, without replacing them in any area. The data obtained allows them to make better decisions and have access to reporting that allows them to visualize their work.

According to a report carried out by Deloitte with different purchasing managers, 51% of those surveyed reported using advanced technological methods, and 25% have, or are trying to implement them. Among those who have already implemented this type of cognitive technology, 93% say they are satisfied with the results that these processes have brought them.

Here are 5 benefits of implementing this technology in corporate purchasing:

1. Centralized information

With the implementation of these tools, the information pertaining to the supply area has greater traceability. This makes the bidding process easier and more efficient for purchasing executives, who previously had to perform their tasks manually through different communication channels, taking more time in both work and decision making. The information of all processes is just a click away, in a centralized and orderly manner.

1. Quality

Quality in corporate purchasing also increases with the use of these AI-based technologies. By reducing manual tasks through automation, the possibility of human error is also reduced. In addition, purchasing decisions made strategically, based on data, guarantee a higher quality of products or services awarded through the platforms. 

2. Productivity

Data managed by AI allows the enrichment of the sourcing area to improve quality and productivity, leaving more room for strategic tasks for purchasing executives, who could efficiently manage their time and efforts. Up to 40% of time can be saved by automating routine tasks.

     3. Safety

These tools also increase security in the corporate purchasing process by providing relevant information to help choose the right supplier in a few minutes, which significantly reduces the risk of illicit purchasing behavior and delays in payment. Technological platforms provide greater transparency and control in the procurement process.

      4. Saving

El uso de tecnología en abastecimiento aporta entre un 10% y 15% de ahorro adicional gracias al análisis de datos y mayor acceso a proveedores. En el caso de Wherex, la herramienta de analytics y reportería permite tener un control eficaz de las gestiones comerciales. Al mismo tiempo, tener detalle de los ahorros específicos por períodos de tiempo, usuarios y categorías y mucho más!