Procurement is in the midst of an AI revolution. AI powers our source-to-pay workflows and processes and helps procurement overcome longstanding challenges in data quality and management, process adoption, risk assessment, contract management, and compliance.
AI’s role in procurement is evolving at break-neck speed as teams around the world adopt new digital solutions that help them automate routine tasks, improve data accuracy and cleanliness, and find new, innovative ways to create value for their organizations. Every day, procurement finds new use cases for AI, particularly in high-impact areas, like spend analysis, where AI can help procurement categorize and analyze large data sets to identify new cost savings opportunities or potential areas of risk.
Procurement’s future will be, in large part, defined by their relationship with AI. For those teams who invest in strategic, well-planned AI implementation, the benefits in operational efficiency and innovation will bring lasting, meaningful change to the business.
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