The cycle time from bid to settled pricing is often excessive. The process of supplier identification to initial discussions to bid solicitation to price settlement involves a high volume of phone calls and email. Complex sourcing events are frequently multimonth engagements.
Goals and Objectives
Autonomous platforms facilitate supplier selection and then intelligently conduct pricing discovery and settlement. These platforms are not required to integrate with existing ERPs but can exist independent of currently utilized platforms. The platform uses historical purchasing data, market intel, and commodity data to arrive at a fair value. The negotiation iterations are conducted without the need for direct intervention by buyers.
Enterprise hardware, personal devices, cloud, big data and analytics, mobile, applications, connectivity services, cognitive, and next-generation security
Use Case Summary
Autonomous sourcing utilizes predictive analytics to arrive at fair value and dramatically reduces the time required to conduct supplier negotiations. Minimal direct intervention by the buying organization frees FTEs to conduct other work.