Getting the right supplier can be one of the most important decisions you make as an organization, as it can have major impacts on your business’s profitability, reputation and productivity. If you’re looking to find procurement consulting firms in the USA, make sure they are apt in these technologies so that they can help you effectively.
1) Big Data
The data captured by sensors, RFID tags, and other innovative technologies is being used to analyze every facet of a business. That’s because big data helps companies know what customers want and gives them insights into their own supply chains. The result is better decision making about products, distribution channels, and customer engagement opportunities that can lead to growth.
Big data has also made procurement consulting firms more efficient by using it for forecasting demand, optimizing logistics networks and reducing inventory costs. This trend will only continue to grow as companies get better at harnessing the power of big data to streamline operations.
2) Analytics
Analytics is of paramount importance for any company. With analytics, businesses can make more informed decisions about their supply chain and procurement process. This includes understanding what suppliers are available, what costs are associated with each supplier and which suppliers produce the highest quality goods.
3) Cloud Computing
Cloud computing is a way of running applications or storing data on a remote computer system. It has been popularized by companies like Google, Amazon, and IBM as well as Microsoft. Cloud computing allows companies to store their data on remote servers that can be accessed by any device at any time. This saves companies both time and money and also makes it easy to collaborate with other businesses.
4) Artificial Intelligence (AI)
Artificial Intelligence (AI) is one of the most popular trends in procurement consulting. AI is a technology that can mimic human intelligence and complete tasks without being programmed to do so, such as making business decisions or recommendations. AI’s ability to solve problems and give accurate predictions has been shown to save a company time and money that would be spent researching or brainstorming solutions.
A common use for AI is predictive analytics, which uses data from past cases to make predictions about future outcomes, like when an employee will leave their position or how a product will sell over time. The process of analyzing this data for insights saves companies time and resources by automatically identifying trends that might have taken weeks or months to spot otherwise.
5) Virtual Reality (VR)
Virtual Reality (VR) is a technology that creates an artificial environment, typically immersive and interactive. VR is either experienced through a head-mounted display or navigated with a game controller.
VR headsets are now available for purchase by the general public, and range from $25 to $800+. The most popular VR headsets are Playstation VR, HTC Vive, Oculus Rift, Samsung Gear VR and Google Daydream View.
In contrast to traditional video games where players manipulate an avatar on-screen using a controller or keyboard/mouse input, some games require full body movement when using a headset.
Final thought
Procurement consulting firms are a great place to turn when you need a new procurement system or want to make your current one better. The process of procurement consulting is typically divided into three phases: discovery, planning and implementation. The above mentioned technology trends help you in streamlining the process. If you have any questions about what our company offers, please contact us today!
