How Understanding 'The Golden Triangle' Drives Procurement And Digital Transformation  

17 February 2021:

Since the first industrial revolution, technology has progressed at an astounding rate. From the invention of steam engines to assembly lines — all the way to computers and the internet — the world has come a long way. Society is a much different place today than it was even just a decade ago. With all of these technological advances, business has grown exponentially. We're now in the Fourth Industrial Revolution, otherwise known as Industry 4.0, and 5.0 is approaching quickly.

This new wave of industry and technological advances has led to an overall shift in the procurement and supply chain industry's focus. Now, many procurement organizations, such as my organization, are on a journey toward what experts are calling autonomous procurement. The intention of autonomous procurement is to eliminate many of the monotonous tasks in the industry, opening the door for procurement professionals to become a true strategic and value-adding business partner.

A Step Toward Digital Transformation

This isn't a small undertaking and certainly isn't something that will happen overnight. Instead, it is a multistep journey, each with its own set of technological advances and necessary skills. Today, the technology is starting to become available for companies to take the step of intelligent procurement, the final step before reaching autonomous procurement.

Intelligent procurement builds upon its predecessors by utilizing a platform based on cognitive intelligence. This will be a system that learns from human interaction and then can formulate recommendations and behaviors over time to mirror what a human expert would do.

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Source: Forbes

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