“Technologies available today could automate more than half of the sourceto-pay process. The potential? Lower procurement costs, greater savings, and more opportunities to pursue new sources of value.

Summer 2021. The engineering department has finalized its concept design for a critical component in the next product generation. The procurement team enters the specifications into an analytics-based sourcing system, which interprets the document and—drawing on its database of suppliers and the outcomes of prior sourcing efforts—identifies three current suppliers, plus two newly added companies able to produce the part…”

Contributors: McKinsey & Company
Categories: SIG U Resource, Whitepaper
SRC Type: Artificial Intelligence, Disruptive Digitization