The Indian government is emphasizing digitization of procurement and public sector organizations are swiftly moving to e-procurement, e-tendering, e-payments, and e-receipts. As a result, even private enterprises need to make a smooth transition to digital procurement. This will help them enhance supplier management, change management, risk-based analysis, tracking, monitoring, and forecasting.
Ushering in the Digital Future of Procurement
So, what are the various technologies that enterprises are investing in to digitize their procurement functions? To begin with, digital transformation demands strategic infrastructure modernization. In that pursuit, cloud-based applications and AI-enabled automation are important contributors. Technological advancements in the fields of AI/ML, Big Data and analytics, RPA, and IoT will enable intelligent procurement. According to the survey report, here are some of most significant technologies that are being used by enterprises to digitize their procurement.
