Two years into COVID-19, direct materials procurement is still challenging: supply chains remain risk-prone, and price inflation is endemic.
What to do? Businesses are realizing that traditional procurement systems do not possess the capabilities needed to address this new paradigm.
But an alternative approach is emerging: put procurement processes and interactions in the cloud, rather than on enterprise systems, and pull in externally sourced data. Artificial intelligence can then reveal new opportunities to reduce cost, mitigate risk, and accelerate new product introduction. Digital network platforms can also help you take the insights and use them to collaborate with suppliers/contract manufacturers to seize opportunities and mitigate risks.
In this co-sponsored whitepaper written by Procurement Leaders and LevaData, discuss how to leverage AI solutions to your advantage.
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