RECENT

TRENDS IN
PROCUREMENT

1
 MATURING TRENDS IN PROCUREMENT

COGNITIVE
COMPUTING
PREDICTIVE/ INTELLIGENT COLLABORATIO
AND PROCESS CLOUD
TRENDS ADVANCED CONTENT 3D PRINTING N
ARTIFICIAL AUTOMATION BASED NETWORKS
ANALYTICS EXTRACTION
INTELLIGENC
E
Combines modeling, Leverages pattern Uses Mostly for rapid Two kinds of Cloud computing Platforms that
statistics, machine recognition software Optical Character prototyping of automation can be and SaaS products provide buyers and
learning, and and iterative Recognition (OCR) goods applied to the with advantage of suppliers with
artificial intelligence machine and procurement the subscription visibility
WHAT with learning algorithms learning algorithms process. Business model to access the into all elements of
multiple third-party process automation latest procurement their joint value
data sources (BPA) robotic automation software chains.
process automation
(RPA)
Cost/price Categorize Read unstructured Potential to Identify business Lower upfront Maintain supplier
fluctuations, unstructured spend, documents such as eventually eliminate needs, mitigate investment, reduce information in
demand, cost, contract, PDFs of contracts, some risks, eliminate overhead, and the cloud; measure,
supplier/country supplier data and specification kinds of stocking repetitive processes, enhance real-time analyze, and manage
USES IN risks, etc. and enable automate answering drawings, and Bills activities for low- facilitate suppliers information sharing. supplier
PROCUREMEN proactive a wide range of Material, volume management, track performance;
T decision making. of supplier queries and rapidly extract items, replacing spending, and uncover joint
critical pieces of them with on- predict market process
data demand demand in real-time improvement
like pricing tables, production. opportunities.
payment term

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 EMERGING TRENDS IN PROCUREMENT

VIRTUAL REALITY
SENSORS AND
TRENDS BLOCKCHAIN AND SPATIAL
WEARABLES
ANALYTICS

Secure method for tracking Barcode scanners, biometric Virtual Reality and
a product or transaction sensors, voice-picking Augmented Reality provide
from source to acquisition solutions, RFID, Smart the ability for companies to
WHAT and payment. sensors present data in a creative
and immersive environment
and develop new ways of
interacting with users
Smart contracts, supply Movement of Detecting events or changes
chain transparency and goods and inventory levels of status
tracking, embedding trust, for reordering, using video, location data,
USES IN PROCUREMENT streamlining processes and and enable audit tracking or pattern
systems, security and during site visits. minimize analysis, and conducting
settlement manual labor, offer real- supplier visits
time feedback or audits