What is robotic process automation (RPA)?
Robotic Process Automation (RPA) is a process automation technology that can be deployed to perform simple to moderately complex tasks and RPA in procurement plays a vital role towards building a successful procurement process cycle. RPA is also a significant contributor in the automation of transactional procure-to-pay processes and in executing and bidding transactions by leveraging systemic controls and well-defined business rules. This offers significant cost and efficiency benefits.
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How can RPA in procurement make a strategic difference?
RPA can be utilized to completely automate the Procure-to-Pay (P2P) side of procurement. P2P processes are highly transactional in nature and require high investments of time and resources. Implementation of RPA applications help organizations in saving significant amounts of time and money. Also, RPA in procurement can automate most of the procurement tasks by reducing human touchpoints and maintain a strong audit trail for the future.
How does it begin?
The first step to implementing RPA in procurement is to identify the procurement functions will benefit the most from it. The next step involves the development of a business case and investigation of the top RPA vendors and their case studies. However, when correctly implemented, RPA can be used to automate multiple procurement processes, enhance profits, and free up valuable time and resources for employees to focus on more strategic initiatives.
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Here’s how procurement leaders are improving the efficiency of their procurement processes with RPA:
Every industry today benefits from the early adoption of RPA, except for a few decision makers who are still contemplating whether RPA is worth the investment. If you are among those who are unsure how RPA can benefit your organization. Looking at the benefits that will help you decide if this is incumbent for your organization.
Accelerates data-driven insights and actions: A major benefit of robotic process automation emerges with the integration of machine learning techniques. It offers detailed data-driven insights and helps procurement managers in obtaining the desired outcome. Natural language processing (NLP) possesses the ability to read the inquiry, understand the request, and extract and deliver the required information to complete the task within parameters the defined by the business. Such an approach helps enhance customer satisfaction and decreases the time required to process mails and portal submissions. It also eliminates error and makes it easier to address the requirements across the supply chain.
Identify and mitigate financial risks with greater accuracy: Robotic process automation plays a key role in the area of risk management. RPA applications can identify the changes in risk exposure and determine their causes. It also enables the automation of approvals and adjustments related to credit limitations, detection of breaches of such limits, and recommendations of potential remedial actions. Bots can even sift through lengthy risk reports, legislation, and regulations to identify gaps in compliance and offer detailed insights on their closure.
Ensure proper maintenance of inventory levels with little efforts: Software bots can be programmed to constantly monitor inventory levels and notify procurement officials when the levels are low or automatically trigger a purchase transaction for the required quantity. Implementing robotic process automation also proves to be beneficial in generating real-time reports that assist procurement officials in readjusting their inventory levels based on the past needs and future demand patterns.
Procurement market intelligence for a leading HR service provider.
Challenge: The client, a global recruitment service provider, wanted to gain strategic market insights on category spend analysis, demand supply shifts, and growth constraints.
Benefits offered: Helped the client in identifying the procurement best practices by assessing key competitors’ functional and operational capabilities in terms of hiring and outsourcing.
Creating an effective procurement process is crucial for companies to develop successful purchase strategies. Stay ahead by requesting service on our procurement platform to gain the latest insights into strategic sourcing and category management.
SpendEdge shares your passion for driving sourcing and procurement excellence. We act as a global strategic partner for leading Fortune 500 firms and other leading companies across industries. Our strength lies in delivering robust, real-time procurement market intelligence solutions that help sourcing and procurement professionals make informed decisions. Our innovative procurement solutions also help enterprises transform structural capabilities, improve execution efficiency, and fast-track time to savings.
Every business needs smart procurement intelligence to stay at the top of their game; we provide actionable insights utilizing lean methodology to help enterprises make better purchasing decisions. We offer businesses with the precise combination of resources, tools, and techniques to help them redefine sourcing and procurement capabilities. We cover a broad spectrum of industries starting from pharmaceutical and life sciences to transportation with expertise in supply market intelligence, spend analysis and benchmarking supply chain risk assessment, and category management.