Future of Procurement: Predictive Analytics
Better Tools for CPOs
Procurement is in a prime position to benefit from Artificial Intelligence because it affects so many areas of the organization – finance, purchasing, supplier relationships, cash flow management, IT, compliance, etc. AI is one of the newest cutting edge tech factors that continues to polarize procurement organizations as many are still attempting to use spreadsheets to manually manage their procurement.
AI will prove to be a crucial addition as the role and responsibilities of CPOs expand. Today’s CPOs are responsible not only for managing the procurement process, but also reducing spend, managing strategic relationships, and lead spending goals.
The real complexity of the position is using analytics to navigate future decisions. The numbers alone are not enough, and predictive analytics can intelligently guide important decisions for procurement leaders. Predictive analytics can lead to savings much greater than plain analytics and human decisions.
Staying up-to-date with modern procurement technology is vital for CPOs. Predictive analytics is just one piece of the procurement technology puzzle. Keep up to date with the Vroozi Procurement Blog here.
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