At Supernegotiate Procurement Labs, I am trying to bring the Procurement community focus where it should be.
Solving high-impact problems. Currently, the Digital Procurement world is extremely noisy, and no groundbreaking innovations have happened in the last 10 years. We are still talking about the problems that existed in 2010.
I have been working on a few 0-1 scale problem statements in Procurement for the last 2-3 years. Low success rate so far! But I am looking to land on the moon here, so I won't complain about small failures!
Here are my top 10 procurement technologies that I am willing to bet on, work on and willing to invest in. If you are a CPO, you should update your priority list and digital Procurement suite accordingly.
Do not invest in old and mediocre procurement technologies anymore.
01: esourcing platform that enables direct commodity procurement in a simplified manner
02: esourcing platform that can recommend category strategy, negotiation tips and can do first-level negotiations
#03: Spend Analysis Platform That Actually Works
Spend analysis tool that actually works! More specifically, that can provide cost savings recommendations (using internal and external data)
#04: Procurement Excellence Platform
Opt-in and opt-out service to deliver complete ecosystem of Procurement Excellence services. This should include standardized intelligent performance metrics and measurements, Smart Training modules, Supplier and Buyer behavior analytics and more..
#05, 06, 07 and 08: Biggest Operational Procurement Challenges
#05: Product Catalogues Automation
Product catalogues for self service procurement that is maintained by supplier but within the rules defined by buyers
#06: Process Compliance and Optimization
Process optimization platform that performs self assessment and optimizes workflows seamlessly using RPA
#07: Automated Negotiation Platform
Negotiation platform that can negotiate better than Low to medium performing category managers
#08: Procurement Fraud Management
Fraud management platform that automatically scans transactions and alerts the buyers before fraud can happen
#09: Supplier Due Diligence with community Intelligence
Supplier due diligence and on-boarding platform that ensures only high quality verified supplier information that is verified and updated regularly. Reduce the supplier registration time to seconds and enrich the information with community intelligence
#10: Supplier Performance Management That Works!
Supplier relationship management platform that is more than forms, workflows and data entry between buyer and supplier. Suppliers or buyers should do no data entry. Only if necessary, minimal data entry should be done manually.
A: Contract Intelligence
Supplier performance management platform that can read contracts, draft SLAs automatically
B: Automated Assessments
and performs assessment based on transactions to recommend supplier performance rating!
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