Lower procurement costs with next generation Source to Pay Automation
The current unprecedented global health crises have disrupted supply chains and shaken the way enterprises work. Enterprises are still in the midst of evaluating and re-engineering their supply chain practices not only to meet the current crises but more as a long-term measure of how to effectively handle such situations in the future.
The sourcing and procurement teams are playing a very key role in defining specific actions to be taken to mitigate risks but importantly create a long term and fool proof measure of delivering sustainable business. This includes aspects of advanced insights into degrees of impact across categories of materials and services, insights on alternative supplier channels as well as significantly bringing down manual interventions in the process via automation. When done well, Industry benchmarks indicate a savings potential of over 3 to 4 percent of their overall external spends which is a significant contribution to their bottom line. A large part of this savings will be led by technologies such as machine learning, robotic process automation, cognitive intelligence, chatbots and supplier portals.