New cognitive technologies are transforming procurement and business itself

An expert in emerging ‘cognitive’ technology has said that new artificial intelligence and machine learning…...
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An expert in emerging ‘cognitive’ technology has said that new artificial intelligence and machine learning solutions are doing for business what cutting-edge ‘CRISPR’ technology is doing for genetic medicine: preventing problems by pinpointing errant processes and replacing them with healthy ones.

Writing in ITProPortal, procurement transformation expert Patrick McCarthy likens cognitive business technologies to revolutionary new CRISPR ‘gene editing’ biotech, which prevents disease by locating pathological genetic sequences and replacing them with healthy ones.

New digital business technologies, he explains, perform a similar function by identifying vulnerabilities and risks in supply chains before they can cause damage, allowing businesses to pinpoint and modify parts of their supply chain to achieve improved cost reductions and optimise their outcomes.

By joining a digital network of this kind, businesses can achieve visibility into previously hidden interconnected operations of their trading partners, highlighting underperforming suppliers and identifying alternative providers capable of delivering better-value and improved competitive advantage.

In today’s continually turbulent financial markets and fraught trade relations, such insights have never been more necessary.

Pioneering the implementation of these technologies are procurement professionals, whose own work is being transformed by them.

The most sweeping benefits of participation in digital networks powered by cognitive technology, McCarthy says, accrue to procurement professionals.

These solutions largely lift the burden of myriad laborious, paper-based tasks surrounding contracting, sourcing, purchasing and payments from the shoulders of procurement practitioners.

McCarthy writes:

“Relieved of these activities, procurement professionals can refocus their talents on more strategic activities such as shoring up the supply chain, and collaborating to create mutual value, and fostering an ecosystem where innovation thrives.”

Freed of tactical paper-pushing, procurement professionals empowered by cognitive technologies can focus on strategic sourcing, extracting optimal value from cutting-edge spend analytics solutions and predictive analytics to help foresee bottlenecks and glitches in the supply chain, achieve optimal sourcing savings, and continue their journey in becoming an indispensable business asset.

Source: https://www.itproportal.com/features/patterns-of-innovation-in-business-and-biotechnology/

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