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This leap in AI capabilities is revolutionizing industries, and AI-driven supplychain management is no exception. The Role of Agentic AI in SupplyChainsSupplychains are dynamic and complex, requiring continuous decision-making across multiple functions, from procurement and inventory management to logistics and demand forecasting.
Opportunities for Procurement Technology As we look toward 2025, European businesses are reshaping their supplychains to navigate an increasingly complex global landscape. A recent report by Maersk and Reuters Events highlights that 68% of companies are making supplychainvisibility and monitoring solutions a top priority.
It is a process that creates efficiencies across all spend categories, minimizes supplychain risks through improved supplier selection and awards, while giving visibility into pricing and forecasting. This helps businesses to recognize supplier risks and create plans to prevent supplychain interruptions.
Supplier collaboration serves as the foundation for supply continuity, agility, risk management, and resilience when disruptions occur. As these reinforce each other, efficiency and alignment improve across your supplychain operations. Making key suppliers more like business partners than cost-reduction entities.
It enables: Building stronger relationships with your key suppliers Competitive bidding, which optimises cost Evaluating non-price factors important to your organisational objectives e.g. quality, lead time, sustainability Performing the appropriate pre-qualification of suppliers. Improvements to end-to-endsupplychain efficiency.
They should also extend this digitalization to supplychain management (supplier portal, webEDI, etc.) This is not simply about cost savings here and there (the traditional C-suite view of what procurement does) but driving value and making your organization more agile in an uncertain and rapidly changing world. One platform.
Competitive bidding, which optimises cost. Improvements to end-to-endsupplychain efficiency. Some of the more advanced procurement software offering source-to-pay functionality can also provide: Reverse auction capability, with complex functionality for bid and proposal evaluation criteria.
Ultimately, digital procurement enables organisations to enhance the overall procurement experience, as well as increase efficiencies and transform their end-to-end procurement function. Blockchain can be used across various industries, including both finance and end-to-endsupplychain management.
This is especially true for leaders and teams wanting to become much more agile and resilient in light of the challenges created following recent supplychain disruptions. This end-to-end system’s built-in collaboration and data analysis tools eliminate process friction commonly created by manual or disjointed workflows.
Effective modern procurement requires end-to-end process tracking to both view and control the costs, sourcing, quality, and delivery times associated with acquired goods and services. Supplier KPIs Suppliers, by definition, comprise a crucial link in your supplychain.
Hansens concept of “Velocity Procurement” is a modern evolution of his earlier work in supplychain and procurement optimization, reflecting his decades of experience streamlining processes for organizations like the Canadian Department of National Defence and the New York City Transit Authority. 8,000 now, 2,000 later).
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