With the objective of access more than five million global suppliersJaggaer has just launched the strategy Autonomous Trade. It consists of an autonomous B2B commerce experience between buyers, suppliers, IoT and partners, which will be its main line of business by 2022.
Jaggaer provides buyers with access to infinite supply sources that are closely aligned with your specific needs. More than €450 billion of goods flowed through the company’s network in 2021. “Supply chain disruptions, material shortages and brain drain are forcing business leaders to redesign our traditional model of enterprise commerce”explains Jim Bureau, CEO of Jaggaer.
According to Bureau, “Buyers need more reliable sources of supply, a greater selection and lower prices. And suppliers, a continuous stream of intelligent recommendations that align their capabilities with the specific needs of buyers in order to increase their revenue and grow their business. The autonomous retail revolution, like the preceding consumer retail revolution, brings these advantages to both buyers and suppliers».
For example, the digitalmind solution Jaggaer uses Artificial Intelligence and machine learning to deliver these smart recommendations, which not only reduce supplier risk, but also enable suppliers to increase revenue.
Digital Mind autonomously executes many of the repetitive tasks required to facilitate enterprise commerce, mitigating brain drain by freeing employees to focus on more strategic, high-value activities.
“It’s as easy as shopping online at home and that’s what we need,” says Stephen Mole of Balfour Beatty, an $11 billion multinational infrastructure company and Jaggaer client.
From the retail consumer market to e-commerce
In the last twenty years, the consumer market has evolved from a retail experience, with a limited selection, to e-commerce, which expands the selection, reduce prices and improve service levels.
This transformation, known as the consumer market revolution, grew out of online marketplaces, business processes, and intelligent automation. Applying these same principles to entrepreneurial business, Jaggaer wants to bring about the autonomous trading revolution.
“For decades, procurement teams have been asked to do more with less. But in the age of the pandemic, these ‘requests’ have increased even more, especially as private and public sector organizations face recruitment and retention challenges at every level of the organizational chart.”explains Jason Busch, CEO of Spend Matters.
“The investment Jaggaer is making in AI and machine learning through Digital Mind and its Autonomous Commerce initiative will help purchasing teams become more efficient, while also identifying and executing new opportunities to drive savings, control costs and the impact of spending.»
“Three years ago we set out a vision of what a world of Autonomous Commerce would look like for businesses”explains Jaggaer Product Manager Dawn Andre. “Autonomous commerce requires solutions that are networked, smart, comprehensive and scalable. Since then we have deployed solutions that embody these principles. We are delighted to lead the Autonomous Commerce revolution and to prepare our clients to undertake this transformation.”
