Many new technologies hit the market along with hype that goes with them to optimise strategic sourcing how do you decided which ones to embrace, and which ones to give a wide berth? We are all aware of the hype surrounding Artificial Intelligence, so how do you decide how and who to use in the ‘World of AI’ to allow you to source strategically?
A good method would be to break down your sourcing process and look at how using machine technology like Robobai can benefit its individual areas.
Turning data into information using descriptive analytics – Who spent money with who, on what and at what costs? How can using the Robobai platform help me auto-classify my exhaustive data sets of unorganized spend data into my preferred spend taxonomy structure?
Turning information into backward-looking insights using Diagnostic analytics – What is driving the price of raw materials up? Why are certain things happening? How does Robobai pin point where we losing value? How can using Artificial Intelligence actively seek out trends that can direct me to the root cause of my process pain points?
Creating forward looking insights using predictive analytics – How can I identify clauses in contracts that could create a business risk? Can I predict potential scenarios like supplier insolvencies? How can I forecast commodity prices more accurately, to allow me to predict product profitability? How does the Robobai platform support these scenarios?
Prescriptive analytics to turn insights into action – How do I create the best strategy to source against a predetermined set of requirements? Should I compete it and what format should I use? What scenarios should be considering? How should I construct my market basket? What do I need to be doing to mitigate risk and negotiate savings tradeoffs?
Cognitive analytics that learn to interpret and reason why the predicting and prescribing is working or not — and then develop new models to increase demonstrated intelligence – Is the system capable of performing analysis on my upcoming bidding event, create and ask me relevant questions about it, recommend questions to gather data that can help me select my bidding behavior, create an optimal a bidding strategy; and then refine any subsequent bidding rounds based on supplier feedback?
Find out how Robobai will optimise strategic sourcing within your organisation.
Contact: Steve Ward Email: firstname.lastname@example.org Call: +61 404 700 326