IoT has become the buzzword in procurement industry. IoT empowers businesses to gain visibility into spend analysis and identifies buyers behavioral pattern. The supply chain data is monitored continuously and analyzed for behavioral patterns to make informed decisions.

Gaining a better understanding of supply and equipment usage will help the procurement team improve catalog and spend management as they know what is being used and what exactly is needed. The ability to predict these trends will improve budget and contract management as well.

Another area where procurement can benefit from IoT is the tracking and monitoring of the goods within supply chains. Sensors deployed within the IoT- enabled device can quickly identify equipment faults, stoppages and leakages in the real-time allowing maintenance teams to respond to the issues promptly.

Key Benefits

• Quick decision making based on market, stock and demand
• Decreased procurement lead time
• Reduced costs due to quantity optimization
• Improved profitability due to better supplier negotiations
• Faster time-to-market

All in all, IoT will become paramount to your business by making processes actionable and drives value throughout the procurement process.