DIGITAL PROCUREMENT better with your suppliers and collaborate potentially with other customers across the community .”
What trends are emerging in the BSM market ? “ Now , I will initially get eye-rolls when I say artificial intelligence because everyone is saying they ' re using artificial intelligence and machine learning and all these other fancy techniques on a big pool of data , and business spend management is no exception . But I think where it stands out is where the current innovations are really coming in terms of very practical , down to earth applications of artificial intelligence ,” says Schanker . “ AI thrives on large data sets . The more you can look at patterns of spend , not just within one company , but across a community of companies , the more you can understand what sort of patterns of spend look suspicious or which suppliers are the riskiest to work with , as well as benchmark your performance against other similar businesses . So I think that ' s really the most exciting innovation right now .”
Circling back to the way BSM is perceived , Schanker emphasises that BSM “ used to be more narrow ”. “ People thought it was just procurement and invoicing and
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