In 2018, knowledge workers have arrived at an exciting juncture: a place where business and consumer technologies intersect with current procurement business technologies and emerging innovations. And it’s creating a lot of data and opportunities to leverage that data for business value. But we’re at the point where the term “Big Data” has almost become passe — everyone knows about it and it’s no longer trendy. And not everyone has figured out how to solve their data quality problems, analyze the data, and then leverage it for business value. As a result, advanced, Big Data analytics are becoming increasingly important to the typical business organization and are enabling them to make sense of their data.
Everyone’s also talking about machine learning and artificial intelligence (AI), at work and at play, even if most play fast and loose with the latter term (I prefer the term, augmented intelligence, because it more accurately describes what it does, instead of focusing on what it is and giving a false impression). Running in parallel with machine learning and AI are natural language processing (NLP), which uses advanced algorithms to understand and respond to speech patterns, and chat bots and digital / virtual assistants, such as Amazon Alexa, Apple’s Siri, and Google Assistant, which augment user processes, simplify or streamline user interfacing (UI), and enhance user experiences (UX). Collectively, these disparate tech innovations comprise the ecosystem known as cognitive computing, also known as artificial intelligence / AI. But the consumerization of business does not end there.
Cloud-based solutions are ubiquitous, having spread like wildfire since 2010. Mobile applications and devices have also increased in number and computing power. Indeed, as of today, there are more than 8.5 billion active mobile devices in the world, surpassing worldwide human population. And speaking of devices, let’s talk about connected devices, the so-called “Internet of Things” or “Industrial Internet of Things.” They have exploded and are everywhere, pumping even more data and intelligence through our appliances, electronics, and anything that connects to WiFi. Blockchain distributed digital ledgers have come into their own as powerful and exciting technologies that are beginning to upend the business world by connecting buyers and suppliers and the digital realm with the physical realm.
Augmented reality (AR), like Blockchain, is making the world smaller for procurement and will be able to (virtually) transport workers across the world to supplier sites, as well as fuse disparate pieces of operational data and information right onto the screen in front of them. And robotic process automation (RPA), a new spin on what is essentially automation limited to a specific process, is helping to further offload tactical and repeatable work volumes to machines so that knowledge workers can turn to more strategic, value-adding work, like communicating and collaborating with suppliers, negotiating, and planning for the extended future. And speaking of robots, 3-D printing has gone from a semi-subversive garage-shop hobby to a disruptive manufacturing method with enormous upside, enabling manufacturing organizations to build custom parts and components in-house, and procurement teams to test custom-built parts and components before placing large and expensive orders.
It is an exciting time to work in procurement, not just because the profession is expanding across the enterprise to take on a higher profile and broader mission, but also because of the enormous amount of technological innovation occurring in the business software space. If you came for opportunity to make an impact in the business, then you might stay for all the cool toys you get to play with.
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