Is Your Organization Ready for Cognitive Procurement?
The rise of cognitive solutions in procurement are enabling enterprises to deliver strategic value and contribute to growth, and to realize the benefits enterprises need to follow some best practices, says an Everest Group study commissioned by TCS.
The report explores how cognitive procurement is elevating the role of chief procurement officers (CPOs) from saving costs and securing supply to driving business impact and managing risks. Cognitive procurement enables CPOs to handle rising procurement costs, drive supplier collaboration and optimize working capital, by enabling smart sourcing, intelligent purchase agents, proactive vendor management and touchless invoice processing.
However, a successful cognitive implementation requires a gradual shift to digital maturity, and not a ‘lift-and-shift’ approach. Four key best practices include:
- Adopt a planned approach
- Define a data management strategy
- Drive technology investments
- Develop future-ready talent