While us westerners tend to give pigs a bad stigma — they are lazy, filthy, obnoxious, greedy, and ugly — and even use their name in vain — calling those we feel are lazy, filthy, greedy, obnoxious, and even (sexually) predatorial pigs, in eastern mythology (and Chinese culture), they are the symbols of wealth, and those born in the year of the pig are supposed to have a beautiful personality and be blessed with good fortune in life.
So what is 2019, the year of the pig, going to bring us in Procurement? Is it going to bring wealth and good fortune from the East or greed and obnoxiousness from the West?
The sad reality is that it’s going to bring both, but unless you’re one of the lucky ones, you won’t see the wealth … or at least not enough to make the greed and obnoxiousness worthwhile.
Because we’re still in the age of iZombie-enabling platforms that cost too much, and often return too little. But that doesn’t mean you have to be free of return. You live through the pain (of Procurement systems that haven’t kept up), you should get the gain.
So how can you do that?
Acquire point-based best-of-breed solutions that can augment your existing platforms and make use of advanced modelling, analytics, market intelligence, machine learning, and even optimization to find ways to save more than you spend on the platforms you have and more than you lose on the manpower time it takes to do all the tactical processing the systems force on you.
This blog has covered a lot on analytics, optimization, and advanced modelling over the years, and for more insights on what machine learning / AI will do for you, keep your eyes peeled for the doctor‘s upcoming series on AI in Procurement tomorrow over on Spend Matters Pro which will help you identify next generation systems that can take your Procurement up a notch. (While no system will have all the capabilities we describe for a while, there are a few systems with fledgling capabilities that will give you value today and take you into tomorrow.)