Notice that , from the dawn of civilisation , procurement has become more effective in-step with technological development .
AI is the capstone of technological development , and with it , procurement takes its next leap .
Notice that , from the dawn of civilisation , procurement has become more effective in-step with technological development .
AI is the capstone of technological development , and with it , procurement takes its next leap .
Capturing and applying scarce knowledge
Knowledge is power . Or , in this case , data .
Artificial intelligence can boost procurement organisations ’ effectiveness by allowing them to capture relevant new sources of data , discerning patterns in already-existing or incoming data – or even scrawling the internet .
As big-data nodes build , so does the opportunity to connect the dots .
Optimising supplier relationships
You have 500 suppliers for 50 different categories and they ’ re always fluctuating – as is the market .
Effective supplier relationship management relies on effective data , and AI as the processor of that data can allow for stronger and more optimised supplier relationships , from compliance to competitive pricing .
Improving processes
You hear much about silos and disconnected aspects of procurement – and one of the fundamental goals of transformational projects is to connect and synthesise these aspects – whether they be inter or intradepartmental .
AI has the potential to streamline and align internal procurement operations , as well as connect entire organisations to external units or even geographic locations .
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