Procurement of the future: New technologies and ESG are on companies' radar

The Electronic Market participated in another event Supply Chain Marathon, promoted by Live University, on May 23rd and 24th.

In this edition, we were present with a stand and with the participation of our Director of Engineering and Operations, Armando de Vilhena, in two important moments of the program: panel on ESG in supply chain and lecture on the theme “Innovative technologies for B2B purchasing”.

ESG as a major achievement for the supply chain

During the panel discussion “ESG as a major achievement for the supply chain”, Armando emphasized the strength that this topic has gained, especially in recent years and, with that, the significant increase in companies seeking to supplier management solutions.

Over the past three years, there has been a considerable increase in the search for more sophisticated and flexible solutions for supplier management, contract management and third-party management. This movement by companies is already a reality and tends to intensify from now on.

Technological advances have driven the various regulations that exist today, and throughout history, organizations have rushed to adapt their processes. Now, there is a “regulatory body” committed to finding problems in production chains: consumers.

People are more vigilant than ever. They look for weak links in the chains and speak out on social media. They do not specify or set a deadline for adjustments. This new 'regulatory body' makes risk management for companies' suppliers and partners even more complex.

And to mitigate these risks, organizations have sought robust and integrated technologies to act with governance and make safer and smarter purchasing decisions.

Innovative technologies for B2B purchasing

In the lecture “Automation, AI, machine learning and other technologies that are transforming B2B purchases”, Armando de Vilhena highlighted that automation of processes and the use of artificial intelligence have been an important strategy in the purchasing area to reduce lead time, to conquer savings and stand out in the market.

New technologies are also contributing to the integration of the supply chain, reducing manual processes. Many tasks can now be automated, freeing up purchasing professionals to work more strategically, focusing on what really brings results to the business.

Who's who in new technologies for B2B purchasing?

  • AI – Artificial Intelligence: is any algorithm that has behavior considered intelligent. It is a logic that involves a non-direct decision and variables, for example, “if” “this” happens, do “that”.
  • ML – Machine Learning: machine learning, in translation. Algorithms analyze a series of data and many variables and learn to make decisions.
  • NLP – Natural Language Processing: natural language processing, in translation. These are chatbots, which have algorithms capable of interpreting and generating human language, to interact with people.
  • RPA – Robotic Process Automation: is the “robotization” of processes, that is, algorithms that allow the automation of activities carried out by humans. Criteria and configurations are necessary for RPA to operate intelligently.

Through access to data and the intelligent use of these technologies, the buyer's work can be greatly enhanced.

There is an important interaction between humans and artificial intelligence. The best decisions are made and, as a result, there is a great evolution of people throughout the process.

Automation and AI in purchasing: possible applications

  • Supplier recommendation and assignment (RFQ creation)
  • Auto-classify/category items
  • Price negotiation support
  • Decision support
  • Automatic approvals
  • Fraud detection

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