“ AI CAN ACT AS A FORCE MULTIPLIER TO THE PROCUREMENT TEAM , SHORTENING SOURCING CYCLES AND FREEING UP TIME TO ACCELERATE OTHER ACTIVITIES ”
DAVID DOYLE , CEO AND CO-FOUNDER , FORESTREET misapprehensions to his expertise , we ask where the reality diverges from common misconceptions .
Doyle says : “ The first thing that comes to mind here is that ‘ AI ’ itself is an umbrella term , which includes a wide variety of different software and algorithms .
“ Maybe when we think of AI , we jump to images of self-driving cars or virtual assistants , like Alexa and Siri . But AI is much wider than this . Talking about AI in procurement really refers to any software that has the capacity to learn specific tasks . These technologies can include Machine Learning ( ML ), a type of patternrecognition AI which uses past behaviour to make decisions or predictions , and Natural Language Processing ( NLP ), specific algorithms that can analyse , read and understand human language . Clumping these different technologies together can cause confusions for operational teams who are not experts in this area .
84 February 2023