The Procurement CoEs are going to define Procurement Tech Landscape and its easy to either be driven by marketing hypes in Procurement CoE or they can make some really great progress in taking the industry forward.
Here are my all time favourite 6 ideas that have kept me hooked since 3 years!
1- eSourcing technology:
It is so dated but holds so much value. What the current technology stack lacks is strategic use cases. Sure, the UIs have came a long way but the focus is still indirect procurement. Time to add more maturity in the tech stack!
2 - Spend Analysis:
This will always top my chart because of the sheer potential. If you have to invest in one tool that can give you 10x ROI, skip everything but do this! But wait, dont go with the current tool landscape. Most of the providers have lost their way! We desperately need a fresh approach here! Glad to be working on this at Supernegotiate!
3 - Microbot Swarms in Procurement:
Fancy name but I have spoken about this earlier! Instead of chasing the GenAI in Procurement hype, invest into build the network of micro bots for Procurement. I can not explain how excited I am while building this! More on this on the episode on Saturday! All my focus is here!
4 - Tool Less Digitization:
This is what my vision is for Supernegotiate. I dont believe that all the organizations need to invest individually in bulky expensive and dated tools to achieve benefits of Procurement Digitization. An open environment should be accessible to all Organization! This is what keeps me excited.
5 - People and This will be controversial:
Average teams wont make and wont be able to sustain an advanced Procurement CoE. High performing teams need forward momentum in growth. Also, it is equally important to enforce "upgrade oneself or be replaced by Ai" philosophy. Underperformance should either be fixed or automated. This is applicable Tools, Processes as well as People. I think Ai will exaggerate the underperformance of people and organizations.
6 - Lastly, Value creation:
I dont think RFPs have any future. Next generation of CPOs wont run 6-8 month long tender process. Most of the incoming CPOs will have a startup/business background. Ability to launch in market and generate extra sales will take precedence over 10%-15% cost avoidance. Hence, speed to market will take precedence. So, cost savings, while they will still be important, will change to Revenue Generation metric pretty quickly (and rightly so). It is a extremely different operation model when you measure Procurement efficiency in terms of not only cost avoidance but revenue generated by bringing products faster than competition in the market. We need new processes!
Bonus: Please dont promote phony use cases of Ai. Everybody can figure it out! If you need bragging rights, mention you read Supernegotiate to learn cool new fresh ideas in Procurement! I am sure you will get good vibes and brownie points!In my next post, I will speak on 10 hot use cases in Procurement CoEs!
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