2023 the year of autonomous procurement?

2023 is set to be a groundbreaking year for autonomous procurement, as more and more companies are turning to advanced technologies such as blockchain, AI, and ML to revolutionize the way they manage their purchasing processes.

One of the key technologies driving the trend of autonomous procurement is blockchain. By using blockchain-based systems to track and record transactions, companies can ensure the transparency and security of their procurement processes. For example, a company like IBM has developed a blockchain-based platform called "Trust Your Supplier" which allows companies to automate their supplier onboarding process, reducing the time and costs associated with manual verification.

Another technology driving the trend of autonomous procurement is artificial intelligence (AI). AI-powered systems can analyze vast amounts of data on products and customer demand, allowing companies to make more informed purchasing decisions. One example is the retail giant Walmart, which has implemented an AI-powered system that uses machine learning algorithms to automatically adjust its inventory levels, resulting in a significant reduction in out-of-stock items and an increase in sales.

Machine learning (ML) is also playing a crucial role in autonomous procurement. By using ML-based systems to track and analyze data on suppliers, companies can identify potential issues and risks before they occur. For example, aerospace and defense company Lockheed Martin, is using ML-based systems to manage their supply chain, and as a result, they can take proactive measures to mitigate disruptions and ensure the smooth operation of their supply chain.

In addition, the oil and gas company Chevron is using ML-based systems to optimize its supply chain and reduce costs. By using an AI-powered system to track and analyze data on suppliers, Chevron is able to identify potential issues and risks before they occur. This allows the company to take proactive measures to mitigate disruptions and ensure the smooth operation of their supply chain.

In conclusion, 2023 is the year of autonomous procurement, and companies are turning to advanced technologies such as blockchain, AI, and ML to revolutionize the way they manage their purchasing processes. With these technologies, companies can reduce costs, improve efficiency, and gain a competitive edge in the market. As the technology continues to evolve and mature, we can expect to see even more innovative use cases in the near future.