Continuing our series of procurement and supply chain related predictions for 2020, we have gathered a variety of predictions from leading vendors in the procurement and supply chain market, and will add our own sprinkling of endorsement from analyst Magnus Bergfors in our own roundup piece to follow.
Today let’s hear what solution provider of cloud-based business automation technology tools for spend management JAGGAER has to say:
Analytics everywhere powered by augmented analytics. The “analytics everywhere” strategy is focused on delivering intelligent analysis into all key processes and objects (sourcing events, contracts, supplier performance scorecards, procurement workflows), leveraging technology to model user interactions and simplify decision making. The highlight here is that organisations are going to be leveraging their data like never before and need to be able to make it digestible, actionable and linked to key business outcomes. The adoption of intelligent analysis will grow in order to achieve this.
Predictive analytics helps to identify future outcomes by analysing trending data with internal and external data sources. Users can interact with the data to refine results and build what-if scenarios to visualise trends and proactively make decisions to improve business processes. 2020 is going to be another year of uncertainty; organisations will be looking for more predictive analytics to help forecast, manage risk, manage costs etc., which means predictive analytics will play a larger role in 2020.
Contracts compliance and risk analysis will become even more important, coming under wider and more intense scrutiny. Organisations will leverage vision-based, semantics-based, and language sequence-based machine learning techniques to extract, analyse and review contracts for potentially risky or non-compliant language to mitigate operational risks, ensure contractual compliance, and prevent savings and revenue leakage.
Bringing all of the above together, beyond 2020 we will see procurement functions mature from intelligent procurement towards autonomous procurement, with organisations starting to adopt and develop in this direction with initial test and learn phases using AI and RPA. However, nobody is there yet and organisations should treat any exaggerated claims in this direction with caution.
Amenallah Reghimi, Innovation and Digital Transformation Product Manager, JAGGAER
Thanks to JAGGAER – and that rounds up our solution provider predictions for this year, look out for commentary from our resident Analyst Magnus Bergfors tomorrow. This series will make interesting writing for the end of 2020 to see which were most accurate!
Please note that the order of vendor predictions in this series is based entirely on the order in which they dropped onto our digital doorstep, nothing more.