Over the coming years, P2P will increasingly leverage artificial intelligence, natural language processing and robotic procurement automation to deliver an even better buying experience on the one hand, while further cutting costs, increasing efficiency, reducing risk, and improving governance and insight on the other. Generally speaking, you can expect P2P solutions to be more open, network-oriented, autonomous, collaborative and intelligent.
Here are seven trends that I think you can reasonably expect to reshape P2P not in some distant future but between now and 2025.
· It will be a more collaborative environment for all stakeholders (internal and external) with full compliance, validations, and approvals. P2P and MRP systems will collaborate through direct material order and fulfillment; P2P and corporate treasury will collaborate to support cash flow planning and optimize working capital
· It will be more autonomous by taking charge of routine tasks such as all forms payment management and processing, improving the productivity of the payment process and the financial health of the supply chain
· It will empower open business networks bringing together the entire community of buyers and suppliers, integrating and accessing external services and market intelligence feeds
· It will be interactive with smart assistants assisting you through guided buying, vendor management and other chores
· Enhanced intelligence will enable P2P systems to act proactively on behalf of users learning from and using all data sources and knowledge to make improvement recommendations to all stakeholder activities and the P2P process
· It will deliver win-win finance programs to buyers and suppliers, for example dynamic discounting and supply chain finance programs
· The focus of P2P will shift further from savings to value, reinforcing procurement’s profile as a strategic partner to the business.
By Amenallah Reghimi
Keywords: AI, Predictive Analytics, Procurement