Take the Cognitive Sourcing Maturity Assessment
Cognitive Sourcing technologies have expanded the realm of what’s possible in Direct Materials Sourcing. Our Maturity Model reflects the new future.
What is Cognitive Sourcing?
Cognitive technologies are about augmenting human intelligence and decision making. They assist, extend, accelerate and amplify performance by simulating thought processes and mimicking the way the human brain works. Over time, the more information cognitive applications are exposed to, the more accurate and valuable their recommendations and insights become. Cognitive Sourcing is the application of cognitive technologies that are purpose-built for use by sourcing and procurement professionals.
The Cognitive Sourcing Maturity Model
The Cognitive Sourcing Maturity Model incorporates traditional sourcing models and then extends further to capture what early adopters have achieved using Cognitive Sourcing Platforms. The model identifies five dimensions of organizational performance across five levels of maturity.
The Cognitive Sourcing Maturity Assessment takes just a few minutes to complete, and immediately shows how your responses compare to other enterprise companies.
Effective sourcing means balancing quality, reliability, lead times, price, and other factors.
Organizational structure is key to driving the behavior and effectiveness of sourcing professionals.
Sources of Insight
The ability to access, synthesize, and leverage sources of insight to make decisions is a critical dimension of sourcing maturity.
Systems enable and support the processes that achieve sourcing goals.
To become a customer of choice, organizations must continuously engage with suppliers.
In our experience:
- Cognitive Sourcing can shrink the sourcing cycle time to as little as four days from an average of a month.
- Leveraging a cognitive sourcing platform can allow an organization to scale strategic coverage to at least 80% of suppliers related spend on an annual basis.
- Adopting a Cognitive Sourcing approach typically results in 10-30% incremental cost savings within a year.
“People know that digital disruption in the supply chain is already underway. Given this, we were greatly surprised to learn how many procurement managers are still using outmoded management tools. As more companies implement AI-powered strategic sourcing technologies, those that don’t will find themselves at a crippling disadvantage.”
Founder & CEO, LevaData
“The real gap, and the real opportunity here, is to enroll more sources of insight from outside the organization, integrating them with historical data and internal insights, and then applying them to new and developing negotiation strategies. Organizations now have access to a much wider scope of information that is potentially relevant to sourcing decisions they make.”
Principle, TreeHive Strategy
© 2018 LevaData