The Transformative Impact of Technology on Modern Procurement: AI, Blockchain, and Automation—-Simileoluwa Ogunloye

Tosin Clegg

In today’s rapidly evolving technological landscape, procurement is undergoing a profound transformation. Companies are increasingly leveraging emerging technologies to enhance efficiency, reduce costs, and promote transparency in their supply chain operations. According to procurement expert Simileoluwa Ogunloye, three major technological forces are driving this change: artificial intelligence (AI), blockchain, and automation.

AI: Revolutionizing Decision-Making in Procurement
“AI is no longer just a buzzword—it’s a game-changer in procurement,” Simi explained. Traditionally, procurement professionals relied heavily on intuition and historical practices when making purchasing decisions. However, with AI-powered tools, companies can now analyze vast amounts of data in real time, improving their ability to forecast demand, optimize supplier selection, and streamline procurement processes.

AI also enhances supplier performance evaluation. Simi stated that real-time analytics powered by AI provide valuable insights into supplier reliability, pricing trends, and potential risks, helping procurement teams make informed decisions. Moreover, AI-driven chatbots and virtual assistants are reshaping communication channels. “These tools automate routine administrative tasks, allowing procurement specialists to focus on strategic initiatives,” Simi noted, highlighting how automation through AI strengthens operational agility.

Blockchain: Enhancing Transparency and Building Trust
Blockchain technology is redefining transparency and trust in procurement, according to Simileoluwa. “With its decentralized and immutable ledger, blockchain offers end-to-end visibility into every transaction,” Simi explained. This allows organizations to trace product origins, verify supplier credibility, and reduce the risks of fraud or counterfeit goods.

The benefits of blockchain are particularly evident in industries where traceability is paramount, such as pharmaceuticals and food. “By recording each transaction in real time, blockchain ensures that all stakeholders have access to accurate and unalterable supply chain data,” Simi stated.

Smart contracts—another application of blockchain—are also transforming procurement by automating contract execution. Simi highlighted how these self-executing contracts, embedded with predefined terms, reduce disputes, accelerate payment processes, and enhance overall compliance. “Ultimately, this boosts cash flow and operational efficiency,” Simi added.

Automation: Boosting Efficiency Through Streamlined Processes
Automation is becoming a core component of modern procurement strategies. Simileoluwa Ogunloye emphasized how automation technologies, such as Robotic Process Automation (RPA), are optimizing repetitive procurement tasks. “From generating purchase orders to processing invoices, RPA minimizes human error and speeds up transaction cycles,” Simi explained.

By linking multiple systems and creating seamless workflows, RPA enables businesses to reduce costs and improve productivity. Simi highlighted that this efficiency frees up procurement teams to focus on value-added activities such as supplier relationship management and strategic planning.

Embracing Innovation for Future-Ready Procurement
The convergence of AI, blockchain, and automation is reshaping procurement, driving greater efficiency, transparency, and strategic decision-making. Simi concluded that organizations embracing these technologies will be better equipped to navigate the complexities of global supply chains and achieve sustainable growth.

“Technology is not just transforming procurement—it’s redefining it,” Simileoluwa Ogunloye emphasized. By harnessing AI, blockchain, and automation, procurement professionals can future-proof their operations, enhance agility, and foster a more transparent and efficient supply chain ecosystem.