GEN-AI IN PROCUREMENT
‘ A PARADIGM SHIFT ’
THE FUTURE OF GEN-AI IN PROCUREMENT
The Adoption of Gen-AI in Procurement Technology Accelerated Through 2023 , With all the Major Software Providers Bringing new Innovations to the Table
WRITTEN BY : NEIL PERRY
It is an exciting time for procurement professionals starting to use the emerging technology , with the promise of time , cost and performance improvements , but the exact impact on Gen-AI is still to be fully realised and understood as further tools and solutions reach the market . Moving past the initial hype surrounding the technology , conversations are starting to deliver tangible and affordable benefits to procurement and supply chain professionals as they look to gain a competitive advantage . “ In 2024 , AI hype will reach its peak ,” says Pascal Bensoussan , Chief Product Officer at Ivalua . “ This time the hype will be matched by meaningful , relevant capabilities , and a raft of generative AI procurement tools will come to market , becoming accessible for procurement professionals .”
Muhammad Alam , President and Chief Product Officer , Intelligent Spend and Business Network at SAP , agrees saying that the potential benefits have created a seismic shift in the procure-tech industry and the discussion has evolved from ‘ if the technology should be used ’, to ‘ how quickly it can be implemented ’. “ Generative AI was like a bolt of lightning that compelled every business and technology leader to sit up and take notice ,” he says . “ We ’ re no longer asking if businesses will adopt AI technology , but rather how quickly they can deploy it and realise its benefits .”
The reason any business invests in technology is to deliver results for their customers , bottom line and staff , and that is something Seth Catalli , Chief Revenue Officer at Globality , feels is the most important reason Gen AI will make significant changes to businesses . “ Done right , generative AI is a game-changing technology that can transform workplace processes and drive improvements to the bottom line and speed-to-market ,” he says . “ CFOs need to start applying generative AI to improve productivity and gain a competitive advantage .”
procurementmag . com 103