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How Technology and AI can help you in Automating your Supplier selection and MRO Procurement during COVID times
Posted on Jun 8, 2021 |
Posted in News |
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The challenge of MRO procurement is growing and putting every organization in a need for smarter MRO Procurement.
Digital Solutions are adapting gradually for capturing and sustaining more values in MRO Procurement and Supplier Selection Automation system. They are helping procurement functions better understand, analyze, and improve their MRO spend which leads to better contract compliance, inventory reductions of up to 30 percent, and cost savings of 15 to 20 percent. More broadly, these technological solutions can help procurement functions build critical digital infrastructure and analytics capabilities, turning MRO into a value driven category that sets a new edge for alliance between procurement and operations.
The challenge of MRO procurement is growing and putting every organization in a need for smarter MRO Procurement.
Digital Solutions are adapting gradually for capturing and sustaining more values in MRO Procurement and Supplier Selection Automation system. They are helping procurement functions better understand, analyze, and improve their MRO spend which leads to better contract compliance, inventory reductions of up to 30 percent, and cost savings of 15 to 20 percent. More broadly, these technological solutions can help procurement functions build critical digital infrastructure and analytics capabilities, turning MRO into a value driven category that sets a new edge for alliance between procurement and operations.
It has been noticed that most MRO datasets are extremely messy, plagued by duplicate naming orders and resulting in the same item being bought from multiple suppliers at highly distinct prices. The technological solutions essentially flags duplicate items by tokenizing the text attached with every item in the dataset, and applying suitable algorithm to match entries. This allows the data to be ordered into perfect and partial text matches, which the category manager can then authenticate to create a new standardized taxonomy.
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