2023 set to be the Year of Autonomous Sourcing, says Keelvar
A report by Keelvar, the AI supply chain company, recently revealed that global conflict and labour disputes will continue to disrupt the supply chain in 2023; that the availability of containers will continue to fluctuate, and that Inflation will erode purchasing power for buyers, while the market simultaneously grapples with the threat of deflation that will see the price of many goods plummet.
Once again, the predictions all call for precautions.
But there are things that procurement can do and systems that can be implemented to turn these challenges into opportunities, and the best procurement teams are already planning ahead.
Keelvar Senior Analyst, David Siedt says: “Tracking more supplier KPIs, such as on-time delivery and load acceptance percentages, then factoring them into award decisions, is just one of the ways sourcing professionals intend to deal with supply chain disruption."
Dylan Alperin, Head of Professional Services at Keelvar added: “Demand and supply curves change rapidly, and pricing is moving fast. As a result, I’m seeing sourcing teams leverage e-auctions to allow quick and easy negotiations on recurring items.”
2023 will be the year that sourcing professionals embrace automation.
The report says that to navigate unpredictable conditions; to bring more competition to deals; to keep sourcing teams happy - and to address rogue tactical spend - sourcing professionals are revamping processes.
The result of the survey find:
- 73% will reduce time spent on repetitive, manual tasks
- 45% will improve visibility for better market insights
- 41% will dedicate more time for strategic initiatives
- 40% will eliminate rogue spend
- 32% will remove the risk of human error
The report calls sourcing professionals to get ready to embrace the power of autonomous sourcing bots.
There are big changes a-stir, and if you don't want to fall behind it's important that you implement the necessary changes in automation and technology that are now essential to success.