AI and Blockchain Can’t Replace Strong Procurement Fundamentals

Determine OutLoud: A Conversation with Anthony Mignogna, Director at Corcentric

Attend any procurement conference, read any procurement blog, download any procurement whitepaper these days and what are you likely to see and hear? AI! Blockchain! Machine learning! Chatbots! Emerging technology is undoubtedly exciting, and it is no wonder that it captures our attention and imagination. But does it have any actionable value for the majority of procurement organizations today?

When we talk to procurement practitioners, even industry-leading ones, we are far more likely to hear about spend visibility, supplier management and internal relationship building than AI and blockchain.

This disconnect between aspirations and reality doesn’t do direct harm, but it may have unintended negative consequences for a procurement team struggling to build a program based on strong fundamental processes, talent and technology. if they feel as though their organization is behind, or is somehow less strategic than that of their peers, they may miss a huge opportunity to deliver actual transformation – the transformation their enterprise needs – just because it doesn’t look like the transformations they hear described elsewhere.

The most important thing about strong procurement fundamentals is that they don’t preclude a team from continuing to mature. In fact, working from a rock-solid foundation makes it possible to mature more rapidly, delivering results that are both value-oriented and sustainable.

In this discussion, Anthony will answer questions such as:

• What spotlights a team that sees themselves clearly v. one that has a less objective perspective?
• How can a procurement team bolster its fundamentals while still moving up the maturity curve?
• What role does technology play in an environment driven by procurement fundamentals and a team that is on a path towards greater maturity?

Thanks for listening in.