For industrial buyers, buying well has always been about understanding market and price trends, anticipating the next twist or turn, and reacting fast when the right opportunity appears – while never losing sight of one’s own specific supply chain and production requirements.
The business value of those instincts, skills and experience is not in question. But without a doubt, it’s getting harder and harder to buy well.
Frustratingly, enterprise resource planning (ERP) systems and business intelligence (BI) tools simply aren’t able to organise, analyse, and extract data insights in the way modern procurement teams need.
As a result, more and more businesses are looking to digital technologies like AI and machine learning for ways to help employees better read market trends, work more efficiently, and unlock new value. And they’re finding plenty to be excited about.
Read on to learn the 8 ways machine learning will help you to simplify buying – and grow your business value.