Challenges such as uncertain macroeconomic climate, extreme weather phenomena, geopolitical upheavals and other supply chain disruptions, put a strain on the procurement process. Companies have turned to technology to solve these issues with digital supply chain modernization accelerating. Technologies used range from low-code/no-code development to artificial intelligence (AI) and machine learning (ML) and generative AI such as ChatGPT.
The recently released 2024 GEP Procurement and Supply Chain Tech Trends Report, examined the technologies.
The highlights include:
• Generative AI is revolutionizing the supply chain and procurement industry, and succeeding in an AI-first economy requires action now. Augmenting human ingenuity, generative AI will be able to proactively generate solutions, anticipate challenges and invent entirely new pathways for procurement and supply chain leaders.
• Low-code/no-code development removes barriers and democratizes innovation. It removes development solely from the realm of IT, enabling users to quickly and easily build custom workflows, analyze data and automate processes to enhance supply chain resilience.
• Legacy ERPs with bolted-on S2P functions struggle to keep pace with modern platforms in terms of innovation, agility and user experience. Consider a two-tier approach with a modern S2P platform for best-in-breed source-to-pay functionality alongside your existing ERP for core tasks.
• Supply chain convergence is key for building resilience. Siloed procurement and supply chain practices lead to information gaps, inefficiencies and higher costs. Modern technology can bridge the gaps, enabling real-time insights, data-driven decision-making and enhanced resilience.
• Without proper tools and processes for managing data, enterprises will find themselves at a severe disadvantage in an AI-first economy that is fueled by data. A seamless, end-to-end analytics platform empowers procurement and supply chain with AI-driven insights, centralized data management and self-service capabilities, unlocking agility, cost efficiency and informed decision-making.
