Automation of the procurement process, including sourcing, purchase, contracts, and supply base management is all part of doing business today. If you aren’t relying on the latest cloud-based technology, big data and analytics, artificial intelligence (AI), machine learning and cognitive software, you could be missing out to competitors.
But in a sea of procurement solutions, which technologies will enable you to be more agile in your response to consumer demands?
International Data Corporation ( IDC ) recently published an IDC Innovators report profiling five companies that are leveraging cloud and other technologies to address the workflows of procurement and supply professionals. The five companies named IDC Innovators are FairMarkIT, LVRG, SirionLabs, tealbook, and Vizibl.
FairMarkIT leverages machine learning in a SaaS platform to bring more spend under management by analyzing a company’s spend and focusing on the cost-saving opportunities in tail spend.
LVRG is a supplier relationship management (SRM) platform that uses cloud and AI technology to glean insights from emails, ERP systems, multiple systems of record, and sourcing solutions.
SirionLabs leverages advanced AI and natural language processing technologies for automated data extraction to provide a comprehensive capture of contractual obligations for managing complex services suppliers.
tealbook combines machine learning, software development, procurement, and operations expertise to transform how companies improve their existing buyer-supplier relationships and build new lasting ones.
Vizibl is a cloud platform that enables organizations to plan and manage all interactions with their suppliers and improve collaboration and innovation to drive business speed and growth.
These solutions, along with countless others, can bring more autonomy into the procurement workflows of spend management, buyer/supplier interactions, procurement governance processes, and supply base management. The more automated the workflows, the more the procurement professional can increase productivity, achieve real-time visibility, and improve business outcomes.