The Future of Procurement Technology

Research has shown that leading companies today employ extensive use of procurement technology for purposes of driving high performance. Procurement masters do this in the following ways:

  • Provide heavy support to their source-to-pay process via a complete suite of integrated technology modules.
  • Achieve “one version of the truth” through the harmonization of master data across systems and consistent maintenance procedures.
  • Have access to highly visible data so as to enable full reporting.
  • Boast a full portfolio of supplier integration technology.

Today’s procurement masters therefore enjoy significant payoffs, delivering 2.5 times more value for every dollar spent in procurement, in comparison to average performers. But what lies ahead with regards to procurement technology benefits of the future? Take a look.

Innovative Technology

With the economy still in recovery, business focus has shifted to technology that is easy to deploy and which delivers a quick and tangible ROI. Granted, technology today typically focuses on the manufacturing element of the enterprise, which is where the money is made. Nevertheless, procurement remains at the heart of every organization; therefore innovation in technology can help boost procurement engagement ultimately leading to a reduction in costs and increase in savings.

Increased Connectivity

Procurement managers of the future will increasingly need to adapt to the convergence of work and play. Consumer-style expectations will persist in their migration into the workplace with access via the traditional PC/ browser-based platforms being superseded by apps. Procurement technology applications will shift their focus to engagement and usability so as to drive efficient processes and fantastic compliance. Additionally, as with the internet, technology is set to become even more connected over time.

Intelligent, Multi-Dimensional Data

Business procurement is set to resemble consumer procurement platforms such as eBay and Amazon. This will be achieved through technology that is more intelligent and which utilizes multiple dimensions of data to steer spending behavior towards the most attractive deals. In this way, procurement managers will be able to make purchasing decisions that are quick and better informed.

An efficient and integrated technology foundation is critical for achieving such results for the business of the future. This will also require thought leadership in procurement and sourcing, specialized skills for SAP procurement and global client experience to assist an organization in the maintenance of a reliable, high quality supply base while reducing costs. It is such a foundation that will provide your business with a procurement technology framework that will power high performance for years to come.

MT4 Account Copier: A Useful Technological Application

The technological applications are seen in many fields but they have influenced some fields more. The forex trading is one such field that has become more popular because of technological advancements and applications. One such is the metatrader forex account copier.

The tool that is used most for this is the forex account copiers of many brands. Among them the MT4 account copier has been used by many men and women all over the world who are desirous of trading and gaining profit in this field. The metatrader4, the forex account copier can be installed in the computer for forex trading and copying trading signals.

Actually copying trading signals is really of great importance to make deal or trade in forex. The copier is working all the time even when the whole world is sleeping. It is an automatic tool that copies the signals of the forex trade. All the changes are recorded for our perusal.

It can be bought online or in any shop which sells such equipment for our use. The software is not expensive and anyone can afford it. Also the cost will get covered in a few transactions of profit. The software is easy to use too and we need not know the tricks of the forex trade to go in for an installation and go ahead with the trading.

First, the copier copies the trading signals. We can study all of them and then decide the deal that we think would be profitable and go ahead with it. A little experience doing some successful deals will suffice to build our confidence as most of them would depend on the changes taking place and the deals of other members that the copier has copied to our account.

The process is simple from our side but the forex account copiers follow some complex algorithms do all the transactions successfully.

Business Intelligence in Mobile Applications

Gone are the days when the use of a mobile phone was restricted to connecting to your family and friends. The scenarios have changed now, and it is no surprise that mobile technologies have advanced beyond recognition. The users of the new mobile applications have access to more than thousand applications online and mobile manufacturers are trying to tap this opportunity by developing solutions for smart information.

Over years BI (Business Intelligence) service providers have spent time and money to deliver best solutions to the users. Though the growth has been stagnant for a long time but now it has shown a momentum because of a rapid growth in technology and revolution in mobile based applications. The face of BI in mobile apps will change more when it will move from a dashboard providing application to a more sophisticated task specific feature. With improvement in the ability of smart phones the users not only enjoy interacting with mobile devices but also access useful information and sophisticated analysis.

BI in simple terms means technology, application or software that is used to extract, store, analyze data so as to help the management make better decisions, and BI through phones is sending business information through mobile.

It is helpful to business in several ways like:

1) Improving employee productivity – Today information system is used in CRM (Customer Relationship Management) marketing that will automate sales force management system, which involves huge cost and too much time on data entry. With implementation of these services in mobile BI, the users will get a structured management information system at less cost. This will provide accurate data for sales team as to where they are and what they want to achieve. BI applications also help sales team to represent how the services of the company can be useful to achieve targets. Moreover, it will be useful in supply chain management to form a distribution strategy for retailers and manufacturers. Several models can be proposed through mobile BI for product lifecycle management and information technology chain operations.

2) Faster decision-making – In current business scenario all the firms need information in a speedy manner so as to take accurate decisions and grab the right opportunity. The slow and inflexible business information may lead to major problems. For example, if a decline in sales has occurred in a particular region, the management cannot address the problem quickly without channelized information system. The accurate and fast information through mobile will be helpful in determining the actual cause of the problem along with quick decisions from the management front. The aim of mobile BI is not restricted to provide quality information but to enable faster decision making. Decision makers will be benefitted as it will reduce cost and increase profits by providing the historical trends and predict future estimates.

3) User friendly interface – The introduction of user friendly functions will definitely improve ROI (Return on Investment) in business. The decision makers can keep themselves updated with new trends and developments by subscribing for reports and alerts. These reports can be saved in certain formats and the mobile apps feature makes it easy to update the information from time to time. The information can be filtered by sort functions which save time. Moreover, the user can easily analyze different trends by changing the metrics or can breakdown the single report into different graphs and conduct a drill down research on the data.

In short, the applications are extended to be used in mobile device so that reports and graphs can be seen in small screen and more accurate decisions can be taken in real time.
BI through mobile applications was a growing concept few years back, but with the rising competition and need for accurate information, its demand is increasing at a faster pace. Once the end users can work on the technology with same accuracy and velocity as conventional systems, the thrust will increase further.