Data is at the heart of decision-making in sourcing and procurement.
However, having access to vast amounts of data is only half the battle; the real challenge lies in translating this data into actionable insights and then executing on those insights effectively. This is where the concept of "bridging the data gap" comes into play. A joint webinar between Keelvar and our partner Sievo shed light on this pressing need. Below are three key takeaways from it:
A Shift Towards Automated Decision Making
The traditional approach to procurement has been manual, relying heavily on human judgment and intervention. But as technology advances, there's a clear shift towards automation.
The speakers emphasized the need for tools that not only analyze data but also apply it in real-world scenarios. Sammeli Sammalkorpi, CEO and co-founder of Sievo, explained, "We are moving into an era where...we can close the data-to-action gap. We can both provide analytics good enough to drive certain decisions on an automatic basis – that's the role of Sievo. Then we can also have tools that can actually automate the execution of those decisions—that's the role of Keelvar."
Sammeli said, "Automated decision making will not replace the decisions you make today. It will replace the decisions you are not doing today."
"Automated decision making will not replace the decisions you make today. It will replace the decisions you are not doing today"
Keelvar's Chief of Staff, Jack Dillane, added, "It's not about AI systems replacing what sourcing teams are currently doing. It's about enhancing our processes, spreading our reach wider, and freeing up users to focus on specific areas of importance."
Embracing the Future with Autonomous Sourcing
While automation streamlines processes, Autonomous Sourcing empowers systems to make decisions independently, based on predefined criteria and real-time data. Jack noted, "The future of sourcing lies in systems that can think and act on their own, but always within the boundaries set by humans."
A standout feature of Autonomous Sourcing is sourcing bots. Customizable to user preferences, they handle various sourcing categories and automate parts of the bidding process. Jack elaborated, "If you're increasing your ability to make more sourcing decisions, we want to ensure that the Autonomous Sourcing system can quickly deploy those requests. This frees up your time, and bots manage the process."
"The future of sourcing lies in systems that can think and act on their own, but always within the boundaries set by humans"
The Power of Partnerships
The evolving landscape of procurement has underscored the significance of partnerships in achieving optimal outcomes. As the industry undergoes rapid transformation, synergy between companies becomes paramount. The collaboration between Keelvar and Sievo is a testament to this evolution.
Jack mentioned the importance of understanding the myriad of inputs and requirements that sourcing professionals need to consider. The higher the quality of input data, the better the expected results. This is where the strength of Sievo and the essence of the partnership come into play. The partnership ensures that the best insights are utilized to make informed decisions, leading to the best possible results, he explained.
Furthermore, Sammeli emphasized that the role of partnerships in the procurement software ecosystem is undergoing a significant shift. Gone are the days when a single suite was expected to address all challenges, he said. The industry is leaning towards a more collaborative approach, where specialized solutions come together to offer a comprehensive solution. This shift is evident in the collaboration between companies like Keelvar and Sievo, each bringing its own unique strengths to the table.
Gone are the days when a single suite was expected to address all challenges
As the webinar drew to a close, the speakers highlighted the importance of resources that provide a deeper dive into the topics discussed. One such resource that was brought to the forefront is the combined datasheet from Keelvar and Sievo, which can be accessed here. This datasheet offers a more concrete idea of integration, showcasing how the synergy between data analytics and sourcing optimization can be realized in real-world scenarios.
Ready to harness the power of automated decision-making and autonomous sourcing? Speak to one of our experts today.