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MIT Sloan Management Review

MIT SMR Connections | Reinventing Procurement: From Cost Center to Innovation Driver

MIT SMR Connections.

2023-12-20 15:26:38

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Summary

Article Summary:
The article discusses how digital transformation is impacting the procurement function, recognizing it as a strategic enabler for innovation and sustainability. Todd Heimes, Worldwide Director and General Manager of Amazon Business, highlights the role of technologies like AI, ML, big data analytics, blockchain, and automation in revolutionizing procurement. He also addresses the benefits, challenges, and upcoming trends in procurement.

Key Themes

1. Digital Transformation:
The article discusses how various technologies are transforming the procurement function and enabling its strategic relevance in organizations.

2. Benefits of Procurement:
It highlights how procurement can contribute to achieving an organization’s broader business goals, including innovation, sustainability, and cost reduction.

3. Technological Challenges and Opportunities:
The article addresses the challenges of procurement, such as manual processes, lack of visibility, and supplier management, while emphasizing the role of emerging technologies like AI, ML, blockchain, and generative AI in overcoming these challenges.

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