March 20, 2017 | Written by: abartolini
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Ardent Partners recently published a report “Cognitive Procurement: The Age of Intelligence,” which examines the field of cognitive computing and discusses how the capabilities in these new and emerging solutions could impact and fundamentally change the procurement industry. The report, sponsored by IBM Watson Supply Chain, is hot off the presses and available for immediate download with our compliments.
In the “Age of Intelligence,” procurement teams now, more than ever, must continue to extend and enhance their capabilities in order to maintain their momentum and accelerate to the next level of performance. Cognitive technologies offer the potential to become such a force and catalyst for the procurement industry. Cognitive computing systems combine a series of capabilities including Big Data analytics, natural language processing, and machine learning to analyze and process large volumes of data and provide users with the intelligence and guidance needed to make smarter, faster decisions.
Today, not all procurement and supply chain organizations are poised to “flip switches” on cognitive procurement and become truly revolutionary operations. Progress, after all, takes time. Nonetheless, organizations should stay focused on the Big Data opportunities. Here are three recommendations from Ardent Partners’ new report to get started.
#1. Develop a Big Data strategy including technology, resources, and organizational capabilities
Procurement and supply chain operations should work to master process automation and Big Data management before moving onto “smarter” technologies, like cognitive technologies.
#2. Maintain and build organizational expertise
Cognitive procurement technologies should be viewed as a way to extend and enhance an organization’s capabilities. But the systems need guidance, validation, and a feedback loop to continue to learn, improve, and ultimately better serve their human masters.
#3. Track innovations and stay abreast of the cognitive procurement technology marketplace
Solution providers are still defining what “cognitive procurement” is and how it will be brought to market. This new/emerging market will change faster than other industries and must be actively followed.
The industry is just scratching the surface on what cognitive technologies can do for procurement and supply chain practitioners in the “age of intelligence.” But it is clear that the ability to make better-informed decisions across an organization can be game-changing and solutions that enable this should be investigated.
Download this report to learn more about one of the industry’s most promising innovations – cognitive procurement – and the potential impact it can have on procurement operations and performance. Read the report.
About the author: Andrew Bartolini is the Chief Research Officer at Ardent Partners, an analyst firm focused on the intersection of technology and best practices within the procurement and supply chain industry.