Incremental to exponential: 5 overlooked benefits of procurement automation  

19 March 2021:

The most obvious benefits of AI-powered procurement automation are speed and efficiency. But a more holistic and compelling business case for investing in automation requires consideration of ancillary benefits. These advantages are often more important than speed and efficiency and they can crystalize the case for senior executives that automation can lead to a step change in procurement performance.

Across the source-to-pay procurement solution landscape, automation solutions powered by robotic process automation (RPA), natural language processing (NLP) and artificial intelligence (AI)/machine learning (ML) are emerging to help teams improve performance like never before. The problem: many procurement leaders still struggle to articulate the business case clearly.

With emerging tech, like AI, there is more than what meets the eye. When evaluating automation solutions and conducting a cost-benefit analysis, it’s crucial to understand the opportunity to drive something larger, something that initiates a domino effect with exponential impact to the business.

Here are five overlooked benefits of procurement and sourcing automation that should be front and center of your initiative.

1. Digitization and Traceability: A complete data picture
Speed is only as powerful as the data it transports. One key value point for automation – and digitization in general – is in its ability to create data records in a consistent, consumable format that can be shared within seconds.

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Source: Spend Matters

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