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EPISODE 137 Using Visibility to Combat Supply Chain Abstraction with Frank Kenney By Kelly Barner | October 18, 2023 In the race to build global empires of data and digital systems, today’s businesses must not risk forgetting what all of those zeroes and ones mean.
Based on the input from the 1998 Agent-based RAM platform, which featured self-learning algorithms within a nascent AI framework, confirmed prior research indicated that Indirect Material MRO products were prone to much greater volatility over time than Direct Materials.
Procurement market intelligence is a key pillar of it, providing organizations with real-time information on supplier capabilities, emerging trends, and potential risks. This intelligence empowers decision-makers to proactively adapt their sourcing strategies, ensuring resilience and agility in the face of market fluctuations.
At the same time, it also provides AI-powered management of contractual obligations and deliverables. It supports them in budgeting, requesting, and ordering articles and services for their business, while benefiting from better purchasing conditions. It simplifies contracts, making them easy to understand, manage and interact with.
Procurement, which refers to the process of finding, acquiring, and buying goods, services, or works from an external source, often via a tendering or competitive bidding process, plays a critical role in determining a company’s efficiency and profitability. This is where managed procurement services come into the picture.
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