DATA ANALYTICS USING IOT IN PROCUREMENT
Keywords:Procure To Pay, Data Analytics, Inventory Control, Vendor Selection, Sku (Stock Keeping Unit), Warehouse Inventory Management
The paper describes the application of data analytics and Internet of things in procure to pay process. The procurement process till date was manual and hence prone to errors. Moreover, with the current increasing demand, handling procurement process manually has become an arduous task. Thus, the whole process of procurement to pay can be automated using machine learning algorithms and Internet of Things. A use case of “Warehouse Inventory Management” is considered to put forth the idea. The paper proposes a model of computerization of the “procure to pay” process which increases efficiency and in turn raises profit. The sensor is used to know when to raise a request for purchase order and collects data from SKU master data to gain an insight of total number of certain goods. The SKU (stock keeping unit) identifies each item in the warehouse uniquely eg. SKU can be a bar code number. All the manual processes are supplanted with the systems which learn from the dataset provided, analyze, draw insights and take intelligent decisions.
Matthew York, M, (19 March, 2015) http://cporising.com/2015/03/19/what-will-the-internet-of-things-mean-for-procurement-part-i/
Andrew Bartolin, A, (4th September, 2014) http://cporising.com/2014/09/04/technologies-that-make-p2p-automation-possible/
Bhavesh Shah, M, (2015): https://www.zycus.com/blog/procurement-technology/procurements-internet-of-things.html
How to Cite
Copyright (c) 2021 International Education and Research Journal (IERJ)
This work is licensed under a Creative Commons Attribution 4.0 International License.