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Procurement 101: Your Essential Guide to Strategic Sourcing

World of Procurement blog

Processes like purchase order creation, invoicing, and expense reporting can be automated to save time and reduce errors. Advanced technologies like artificial intelligence and machine learning are also being leveraged to optimize decision-making in areas like demand forecasting, market intelligence, and supplier identification.

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4 Predictions on Procurement’s Top Trends in 2023

Arkestro

At the same time, they’ll need to watch and prepare for future economic downturns and supply chain disruption. Particularly for procurement, there will be increased reliance on tools and services that can create and foster supply chain resilience, cost optimization, and agility,” Mellot added.

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Technology Support in Integrated Business Planning: Automation, Augmentation and Human Centricity

Supply Chain Trend

It also requires a clear understanding of the environment in which the organization operates, so scenario planning must go extend beyond the enterprise to encompass value-chain dynamics and end-to-end supply chain resilience.