From the course: Project Management Foundations: Procurement

Automate procurement processes

From the course: Project Management Foundations: Procurement

Automate procurement processes

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Modern procurements require modern technology. Embracing this change is no longer optional. Why you ask? Well, procurement management has a lot of moving parts, and I do mean a lot. So how is a stretch-to-the-max multitasking project manager supposed to juggle it all? Luckily, there are tools available to help you out. Today, online tools can streamline the way you solicit, receive, evaluate, and award opportunities. Also, these same tools offer a repository where procurement documents can be stored, advertised, and accessed when needed. Dave Young, a senior executive at CenturyLink, summed up this evolution best when he said, "Really what we have to do is get in a new culture, a new rhythm around how we embrace technology, how we use technology, and it's not through contract change anymore." "We've got to break that mold and move more toward understanding technology and how technology is adapting." In other words, yesterday's technological innovations are today's dinosaurs. It's time to familiarize yourself with the wave of the future. So let's look at an emerging tool you can use to improve your procurements. I'm referring to Robotics Process Automation, aka RPA. Have you heard of it? Quite simply, RPA is technology that mimics human actions. It can be used to automate high volume, repetitive rules-based tasks such as receiving forms and processing transactions. Here's how this might apply to your procurements. Take, for example, processing invoices. Right now you may be receiving invoices electronically via email. Then you have to retrieve them, check them for accuracy, follow them in a folder, update your accounting system, and eventually, pay them. I don't know about you, but this gives me a headache just talking about it. If there was ever a job that RPA could do better, this is it. You see, RPA can automate this entire process and all you have to do is provide the rules around it. The advantages of this are enormous. RPA's ability to consistently carry out predefined tasks can result in: Reduced expenses, less human resources needed, the ability to quickly scale up to meet short-term demands, improved accuracy, for example, less human errors, and increased productivity. And just think, this is just one of many tedious tasks that can be automated. By leveraging emerging technology such as RPA, you can significantly improve the way your procurements are planned, implemented, monitored, and closed. Ultimately, this will free up your time and allow you to focus on higher-value-creating activities.

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