August 20186 Organizations continue to evolve, and so do their needs. Especially when it comes to streamlining procurement operations--which involve various complexities such as managing vendors and payment processes--enterprises are seeking higher efficiencies. While the market has had various procurement solutions including e-sourcing and spend management platforms, artificial intelligence (AI) seems to be bringing new possibilities for the procurement space in the near future. Imagine an AI system working on top of a firm's procurement platform, capable of raising an alarm every time an invoice is submitted late or even identifying any errors and inconsistencies in the invoices immediately. These functionalities would certainly prove significantly beneficial for businesses. Another key technology that can shape the procurement industry is AI-powered bots. At first, it may sound like a distant possibility, but the market already has one such technology that was introduced last year by SAP. Apart from reducing errors in the procurement process, the bot learns user preferences and company policies to ensure the workflow is aligned with them, further driving operational efficiency. However, to make the best possible use of these innovative technologies, organizations will have to deploy the right e-procurement systems with all the relevant data stored in them. The procurement technology companies have been innovating with AI and, consequently, the market today offers AI-powered solutions to better optimize the capabilities of procurement systems. However, there is still time before the industry leaps into the phase when all major procure-to-pay software suites will have embedded virtual assistants and chatbots, which according to Gartner is expected to be a reality by 2022. In this year's edition, we are featuring a list of "Top 10 Procurement Tech Solution Providers - 2018" who work toward streamlining the procurement processes. These companies prove to be the ideal technology partners for firms seeking to move toward strategic procurement.Annie JohnsonManaging Editoreditor@apacciooutlook.comAnnie Johnson To subscribe to APACCIOOutlookVisit www.apacciooutlook.comArt & GraphicsAmelia StewartFlynn SmythToby LangtonSujay KManaging EditorAnnie JohnsonCopyright © 2018 ValleyMedia Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.AUGUST - 06 - 2018, Volume 04 SE 22 Published by ValleyMedia Inc.EditorialExploring the Possibilities of AI-Powered ProcurementSenior WritersLane Adams Clara MathewRoyce D'SouzaShiv ShankerEditorialAlfred MardinLouis BeckerRachael ClarkRoy Chow*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffEmailsales@apacciooutlook.comeditor@apacciooutlook.commarketing@apacciooutlook.comContact usPhone: 1 510.996.5168Fax: 510-894-8405
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