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Modernization in enterprise procurement is about embracing technology, data-driven decision-making and a strategic approach to procurement to progress beyond cost reduction. This enables a more agile, efficient and sustainable procurement ecosystem that seamlessly interoperates with finance and SCM organizations as well as vendors and suppliers.
For this study ISG assessed 42 companies and has recognized HCLTech as a Leader in ISG Provider Lens™ Procurement Services - Procurement Operations Modernization Services, 2024
“As a Leader in procurement operations modernization and optimization, HCLTech is responsive to rapidly changing market and technology conditions and client needs. Strong partnerships highlight its robust capabilities.” - Bruce Guptill, Principal Analyst
Key highlights of the report:
- Widespread AI use to optimize procurement operations: HCLTech utilizes AI for procurement optimization, including intelligent process automation for automating routine tasks; predictive analytics for demand forecasting, inventory management and supplier performance analysis; NLP for contract analysis, extracting key clauses, and identifying potential risks and opportunities; and continuous learning models using ML to optimize processes, adapt to the changing market conditions and enhance decision accuracy over time.
- Compliance and risk management: HCLTech’s comprehensive risk and compliance management services team provides global analysis, assessment, policy and governance for risks related to information security, privacy, business continuity, third-party engagements and operational activities.
- Key partnerships augment in-house capabilities: HCLTech’s strong software and technology partnerships supplement its procurement optimization and modernization capabilities. Key partners include Fairmarkit, Zycus, Celonis, Automation Anywhere, SAP and Oracle.
Modernization in enterprise procurement is about embracing technology, data-driven decision-making and a strategic approach to procurement to progress beyond cost reduction. This enables a more agile, efficient and sustainable procurement ecosystem that seamlessly interoperates with finance and SCM organizations as well as vendors and suppliers.
For this study ISG assessed 42 companies and has recognized HCLTech as a Leader in ISG Provider Lens™ Procurement Services - Procurement Operations Modernization Services, 2024
“As a Leader in procurement operations modernization and optimization, HCLTech is responsive to rapidly changing market and technology conditions and client needs. Strong partnerships highlight its robust capabilities.” - Bruce Guptill, Principal Analyst
Key highlights of the report:
- Widespread AI use to optimize procurement operations: HCLTech utilizes AI for procurement optimization, including intelligent process automation for automating routine tasks; predictive analytics for demand forecasting, inventory management and supplier performance analysis; NLP for contract analysis, extracting key clauses, and identifying potential risks and opportunities; and continuous learning models using ML to optimize processes, adapt to the changing market conditions and enhance decision accuracy over time.
- Compliance and risk management: HCLTech’s comprehensive risk and compliance management services team provides global analysis, assessment, policy and governance for risks related to information security, privacy, business continuity, third-party engagements and operational activities.
- Key partnerships augment in-house capabilities: HCLTech’s strong software and technology partnerships supplement its procurement optimization and modernization capabilities. Key partners include Fairmarkit, Zycus, Celonis, Automation Anywhere, SAP and Oracle.