Cognitive Procurement — Autonomy, Agility and still in it’s Infancy.

Procurement is undergoing a digital facelift.

The ball has started rolling, but when will it reach its final destination?

Some experts in the field would say the nearest finish line — in sight — is cognitive procurement. While this may be the case, few procurement pros have any idea how to reach that goal. Moreover, technology is linear, and infinite. Meaning, the finish line is continuously inching forward.

Best we can do…. Put intelligent solutions in the hands of capable professionals, and continue to push the envelope in our discussion of emerging technology.

Where there’s a will, there’s a way

Transforming the traditional confines of today’s procurement will take time, money and education, but where there’s a will there’s a way.

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 leading class capability” (Deloitte CPO Survey 2017).

There is a strong feeling that an inadequacy of preparation of coming technological disruptions stems from a lack of internal competencies regarding digital procurement.

Leaders of the pack are already working with intelligent solutions within their procurement operations and strategies. One of the technologies most sought after for purposes of integration, within procurement, has become Artificial Intelligence (AI).

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