Procurement
Automation
How Procurement Automation Works
Intelligent automation solutions are increasingly being used within procurement departments to streamline processes and add much needed controls.
The opportunities for automation within most procurement teams are significant.
Some of the processes include:
- Purchase Order Management
- Supplier Management
- Invoice Processing
- Contract Matching
- Spend Analysis
- Supplier Risk Management
- Inventory Management
- Demand Forecasting
- Audit and Compliance
- Supplier Payments
- Market Research
The technologies employed within procurement automation solutions can include digital workflow, intelligent document processing, digital forms, business intelligence and analytics, document management and / or artificial intelligence.
The procurement teams that have invested in the automation of their processes have found that they have better control and improved access to information that have allowed them to make better decisions.
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FAQ on Procurement Automation
What types of procurement tasks are best suited for intelligent automation?
Intelligent automation is particularly effective for tasks that are repetitive, time consuming and rule based.
In procurement departments the tasks that would often fall into this bracket are around requests for quotations (RFQ), purchase order creation, forecasting and analysis.
What are the key challenges in implementing automation solutions in procurement?
With any technology implementation, the hardest element can often be managing the change with your people. The technology is often the easy bit, its helping people navigate through the change curve that can often be the most challenging.
However, that’s where our business process consultants come in. They’re experts in processes but they’re also experts in people. The team have decades of experience of managing these projects across multiple companies. We know where the hurdles on the journey are, and we can help you navigate them.
Can AI help automate the procurement department?
The obvious answer is it depends. Artificial intelligence has revolutionised several business operations and there are certain use cases within procurement departments.
One of the most obvious opportunities is within demand planning and forecasting. Accurate forecasting can often be a challenge in today’s complex and often disjointed businesses.
Artificial intelligence can be a fantastic option to help navigate some of those challenges resulting in more accurate forecasts and better use of working capital.