eProcurement is one way that enterprises in the electronics industry are answering these challenges. eProcurement allows companies to streamline and automate processes, resulting in cost savings, faster cycle times, and improved accuracy.
However, new technologies provide even greater opportunities to improve eProcurement for electronics manufacturers. Some trends to watch for include:
1. Artificial Intelligence
Artificial intelligence is currently applied to procurement in areas such as spend analytics and contract analytics and is used to identify potential cost savings or process streamlining. In the future, AI/ML may be applied to virtual personal assistants, using natural language processing to automate procurement processes further.
Blockchain API is a natural fit for supply chain functions: by creating an indelible record of transactions, blockchain can be applied to procurement, payment, due diligence, and regulatory compliance.
3. Cloud Technology
Cloud-based technologies allow for greater mobility and flexibility by providing electronic manufacturing organizations with access to information regardless of their time or geographic location. In the future, cloud eProcurement combined with IoT for improved data-gathering and analytics will help to make companies more flexible and responsive, enabling them to make better business decisions in a changing environment and improve customer relationships.
The centralization and standardization of data that comes from adopting eProcurement systems helps to break down departmental and functional silos, leading to greater transparency and information sharing between parties. Automating manual processes gives employees greater opportunities to focus on higher-level functions, and greater collaboration allows departments to work together to achieve strategic organizational objectives.
Cybersecurity is a growing concern for companies across all industries. As the risk of a data breach increases, the cost and severity of breaches is growing as well; and the negative publicity associated with a data breach can be difficult for an enterprise to recover from. Ensuring that eProcurement systems are secure from outside threats is a vital part of an overall cybersecurity strategy, as is consistently updating eProcurement cyber defenses.
6. Big Data
While many electronics manufacturers are currently using data analytics for streamlining, planning and forecasting. Big data will find more applications in predictive analytics and planning responses to changes in the environment and supply chain disruptions.
In the face of growing complexity of operations, and a highly competitive environment, more people are turning to partner companies that specialize in eProcurement software, applications, and integrations. Taking on a business partner that is knowledgeable about the industry, with experience and focus on streamlining business processes, is one way that companies can take advantage of the benefits that eProcurement offers.
Orbweaver is a cloud-based eProcurement technology built specifically for electronics manufacturing industry. Suppliers, distributors, and manufacturers can streamline, standardize, and centralize procurement processes to reduce costs and improve employee productivity throughout the supply chain.
Our platform processes and uncovers valuable data insights from suppliers, companies, and regions typically lost processing thousands of POs, and RFQs each day to empower you to make informed purchasing decisions with predictive analytics.