You’ve already put together a stellar team of supply management experts — the most creative thinkers and skilled problem-solvers in the industry. But are the manual aspects of their jobs (e.g., compiling reports, analyzing a never-ending stream of news, risks, and data, processing routine tasks, etc.) — keeping them from achieving the goals you’ve set?
The truth is, sourcing and NPI teams may attempt to absorb the overwhelming amount of data and insights available, but the task is one that’s destined for failure. Automating repetitive, manual processes can free up time for more value-adding activities — and also boost morale, improve your bottom line, and foster a culture of innovation. But if your team is already busy, how can you convince them it’s worth the time and effort to adopt entirely new automated work processes?
In short: you don’t have to. Instead of suggesting they take on the complexity of automating their work processes, opt for a solution that can analyze your procurement objectives alongside real-time market activity to generate predictions and customized recommendations.
Automating sourcing operations requires a level of standardization and three basic capabilities: monitor market signals, analyze sourcing scenarios, and identify intelligent actions. Executing sourcing strategies is relatively easy, gathering relevant information to know what to do, on the other hand, is hard.
LevaData acts as your cognitive advisor, applying AI to a range of data sources to serve up the most relevant recommendations, insights, and predictions. It allows supply management experts to cut time spent on negotiation prep and bid analysis by as much as 80% and respond to market opportunities in clicks versus weeks.
Find out more about how LevaData’s AI-powered, community-driven technology can help you uncover and act on saving opportunities to help you automate the mundane and allow you to focus on what matters, and contact us today.
- The Power of Data AggregationAre you paying more than your competitors or peers for the same component? If so, which negotiation strategies—or alternative sourcing […]
- The Role of Data in Sourcing SuccessIt's difficult to source and buy direct materials at scale. While simple transacting may seem easy enough to understand, the […]
- Protecting BOM Health & NPI With Portfolio MonitoringOrganizations are experiencing an increase in unplanned product redesigns, leading to missed product launches and missed shipments of sustaining products. […]
- Lessons for Navigating a Post-Pandemic Supply ChainTwo years ago, I wrote about what I had learned from supply chain executives trying to manage business continuity in the early […]