Defining Cognitive Procurement?
Put simply “Cognitive Procurement” is the intersection of procurement and cognitive computing.
Cognitive computing
“Cognitive computing is the simulation of human thought processes in a computerized model. Cognitive computing involves self-learning systems that use data mining, pattern recognition and natural language processing to mimic the way the human brain works.”
Procurement
“Procurement is the act of acquiring, buying goods, services or works from an external source, often via a tendering or bid process”
Thus;
Cognitive Procurement
Cognitive Procurement is the application of self-learning systems that use data mining, pattern recognition and natural language process to mimic the human brain to around the processes of acquiring, buying goods, services or works from an external source.
Its early days, so detailed applications of Cognitive Procurement are still blossoming. Watch this space for more use cases as they emerge.
