Based on joint research and production from Vroozi and Spend Matters, we bring you our Declaration of the New Purchasing: A Buying Manifesto. While the Manifesto can be seen on SpendMatters.com, we’ll continue to explore the themes on Vroozi’s blog.
Does your day revolve around the technology at your disposal? Does technology dictate how you go about your day? Over the next few weeks, we’ll explore these themes in our everyday technology series, New Purchasing: The Intersection of Personal & Enterprise Technology.
With the increase in technology and the interconnectedness that we live our lives today, companies have access to more information than ever before. In Article 12 of the Manifesto, Vroozi and Spend Matters declare:
The Internet of Things (IOT) will surround us, creating unprecedented levels of visibility into the consumption patterns of what we buy and how we use it, creating feedback loops and changing how we manage demand.
The increased visibility into consumption patterns and spending provided by IOT will provide exciting new opportunities for procurement. They will also require constant tracking, monitoring and analyzing in order to be actionable. That is where artificial intelligence comes into play.
As you are given greater insight into the devices, applications, and equipment your company is using, you need to rely on those “things” to help process and interpret the data. Artificial intelligence in those assets and items will create feedback loops and meta-data analytics “changing the very basis of how we assign our time and effort to different activities in procurement.”
Artificial intelligence isn’t some distant goal of computer engineers either. IBM’s Watson, the machine that won Jeopardy, is already in use in a variety of applications and organizations. The cognitive computing tool is able to dive deeper into subjects, engage with users, and discover new business insights without any human assistance.
Rather than relying on analytics that simply report on past purchasing activity and spend visibility, a procurement solution that utilizes predictive analytics will create unprecedented sets of data from which to analyze and make better decisions in the future. These deeper insights can help you automatically improve catalog content, spend management, budget projections, and contract management. As IOT makes devices more mobile and connected, machine learning will make them smarter and give you more actionable information.
Vroozi’s mobile procurement platform allows you to leverage the analytics most relevant to your eProcurement efforts, wherever you are. All purchases are tracked and monitored continuously to give complete spend visibility. This allows you to manage your entire process from procure-to-pay with a much more complete understanding of your spending and budget.
For catalog management, Vroozi offers detailed insights into supplier relationships, catalog content, and the overall marketplace. With Vroozi’s web-based Catalog Management you can publish purchasing catalogs in minutes and have the control of complete marketplace customization. Based on the detailed analytics at your disposal you can be sure you are providing the right content to the right audience at all times.
Interested in learning more about what mobile procurement can do for your organization? Download our free Mobile Procurement Evaluation Guide >>>