Mercado Eletrônico is present at the Procurement Innovation Forum

On August 15th and 16th, Mercado Eletrônico was present at the 6th edition of the Procurement Innovation Forum, an event held by Yvent, with the aim of sharing knowledge in innovation and technology, promoting networking among professionals and expanding business possibilities among executives in the purchasing area.

In this edition, we were present with a stand, ME specialists and presentation of our solutions, in addition to a lecture by our CTO, Armando de Vilhena, with the theme “Building the Future of Purchasing with Data, AI and Ecosystems”.

The future of procurement focused on value generation

During the lecture, Armando highlighted the differences between the current procurement scenario and the paradigm shift for the future of the sector.

In the current scenario, companies' focus is on operational excellence, with operations focused on manual processes, a focus on savings and reinforcement of controls and processes.

According to Armando, the future of procurement will be to transition to a purchasing management model focused on generating value and actions aimed at risk management and sustainability, digital technologies, such as chatbots and artificial intelligence, and insights that can guide companies' decisions.

“Today, it is very common in many companies for processes and systems to operate people, and this is the shift we want to take, so that people can orchestrate systems and direct where they go, what they should look for, and this will naturally bring a future with more strategic skills for buyers.”

According to a survey by the consultancy firm Roland Berger, Armando highlighted some estimates of changes for the procurement market in recent years, including:

  • Reduction of between 5% and 40% in material costs;
  • Reduction of up to 40% in the Time to Market time of new products;
  • Reduction of up to 30% in Procurement costs;
  • 80% reduction in email communications;
  • Up to 80% of orders without interactions.

The transformative power of data

According to Armando, there is a lot of talk about implementing data analysis in companies, but it is still necessary to develop this scenario of more advanced analysis models, which guide purchasing teams in decision-making.

Most companies that have data analysis tools still work on a descriptive model, only exposing past facts and events.

It is necessary to evolve the analyses carried out by purchasing systems into predictive and cognitive models, which can anticipate risk scenarios and contribute to more accurate decision-making within the purchasing market.

“Increasingly, it is necessary to learn what current technologies are and learn to think with data. Professionals will need to learn how to communicate with artificial intelligence, such as by introducing a command prompt to chatGPT. This will be an essential skill for buyers in the future.”

The future of Procurement is in ecosystems

For companies to be able to enhance their performance with the support of data analysis and artificial intelligence, it is essential that they invest in building ecosystems.

“No company will be able to produce enough intelligence to deliver all the value they can receive from a rich, well-informed ecosystem.”

Armando also highlighted that Mercado Eletrônico's vision is to create a digital Purchasing and Supply Chain ecosystem, to enable companies to build simple, fluid and fully integrated processes, enhancing productivity, collaboration, business intelligence and innovation.

Artificial intelligence will be one of the highlights of the 5th edition of the ME B2B Summit 2023

If you want to know more about the impacts of artificial intelligence on the B2B business world, the 5th Edition of ME B2B Summit, will give an inspiring talk on this topic, with the participation of Ronaldo Lemos, a technology specialist.

The event will take place on October 18th, at Espaço Vibra, in São Paulo. Don't miss this chance and subscribe now for this unmissable experience!

See you next time! 😉

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