TECH & AI
“ AI hype will likely peak in 2024 , but unlike with past technologies , it will be broadly adopted and deliver significant value ”
ALEX SARIC CHIEF MARKETING OFFICER
& SMART PROCUREMENT EXPERT IVALUA
Is Gen-AI worth the hype ? With the current hype-cycle over AI showing little sign of fading , Saric believes Gen AI will become a standard tool .
“ AI hype will likely peak in 2024 , but unlike with past technologies , it will be broadly adopted and deliver significant value ,” he says .
However , Saric warns Gen Ai is no silverbullet for all procurement challenges , and that sourcing professionals must learn how to get the best out of the technology .
“ Expectations might be sky-high but procurement leaders must accept Gen AI solutions are like any other tool ; they are only as good as the person using them and the quality of data fed to them . “ Leaders will reap the benefits , while laggards will be disappointed , as they fail to adjust how they work to leverage the capabilities of this innovative technology .
“ Organisations should adopt flexible and extensible AI solutions that have prebuilt applications and can scale to support new use cases and allow users to address the challenges that matter most to their procurement teams ,” adds Saric .
Quality data key to procurement tech Saric ’ s point about quality data is key here . It is data that defines the parameters and extent of AI success .
“ Failing to build a solid data foundation means businesses will be unable to harness AI ,” Saric says . “ Poor-quality data will not only limit the insight produced by AI but also
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