Technology in terms of software is expanding in to the dimensions of procurement. The evolution of technology over the years has created and provided a valuable set of tools and processes that are used to run businesses today, but how is the emergence of technology and system software changing procurement activities?
The structure and frameworks that work within procurement practices have become outdated in the world of new aged systems and requirements. Core offer, acceptance, contracts and payment paradigm is no longer the built in process as technology evolution is not only automating the old processes but reinventing them as well.
New systems to help the management of contracts data and the procurement process can be defined by four trends emerging from the evolution:
Not everyone understands the concept of cloud computing as little has been written and in the world of celebrities’ personal lives it is not having a good reputation. But in terms of business cloud computing opens up opportunities of cost reductions. Using a system that is cloud based allows procurement professionals access to unlimited amounts of information and data and enables off-premises access which lowers the cost of doing business in every part of the procurement process. With a cloud based system intelligence becomes richer and faster to gain access and control.
Not only does cloud based system allow access to an unlimited amount of information; the evolution of the technology enables the flow of information to be available from multiple devices. The procurement platform is then available in different offices and multiple locations.
Big Overwhelming Data
Large amounts of overwhelming data will no longer be a problem as technology expands through the business process; data information bots inside the systems software will be cognitive and intuitive in nature. As a result the process is a more efficient and effective way of working. Data is managed from machine-to-machine as new technology allows productive solutions for faster information and analytics. A system that possesses algorithmic processes results in a self-driven procurement process which can automate purchasing decisions and supplier performance management.
Social & Cognitive Networks
With the growth of data living in the cloud and being accessible to various departments, they combine to provide fertile ground for social and cognitive networks. Improved processes lead to more efficient use of time to value and create a better total landed cost analysis. A system which has cognitive software can read data to create contract options and recommendations for managers. With new thinking tools set in place procurement departments will be able to rely on the system functions to provide analysis, to then focus more one decisions that will point to better business outcomes.
The evolution of technology is providing a range of opportunities for business. Technology has created cognitive software to make day to day work tasks simple; managing your business data and producing rich information to help you make better business decisions.
Why bother with Contract Lifecycle Management? Contract Lifecycle Management Software is essential for every business. It helps you manage every contract in […]
We love a world where it is better to work smarter and not harder, and we know there is a need to […]
Not sure if Accord is right for you? We understand it’s not easy to make a decision on a new system, but that’s why we’ve created our Onboarding Kit to make that that process simple.
Find out no matter which bundle you choose, you’ll be getting the best features you need for you and your team so you can achieve your contracts management goals.
You’ll get to see and choose your customisation options, and check out the available add-ons and extras so the system is exactly what you want and need.
Keeping this guide with you, and working closely with us, we can walk you through each step so you can be completely up and running with your own Accord system.
Book a demo of Accord with the team.
We’ll chat through your requirements and see if Accord is right for you.
We’ll send you demo access and our onboarding kit to help you decide what you need.
You decide if we’re right for you. No pushy sales calls.
Like what you see and hear? Let’s get you onboarded with Accord!