THE PROCUREMENT INTERVIEW
“Sustainable sourcing is a strategic imperative that aligns with our vision”
Jacob Busk Nielsen, Group CPO, Nestlé
Price risk management has also evolved significantly. Advanced systems and tools are enabling teams to navigate volatility more effectively by transforming uncertainty into actionable intelligence.
“ The future belongs to procurement teams that combine data-driven foresight with cross-functional collaboration to increase resilience,” Jacob adds.
The AI revolution The procurement space is undergoing profound transformation driven by emerging technologies. Artificial intelligence and machine learning are reshaping how procurement functions operate, offering new possibilities that were unimaginable just a few years ago.
“ I am particularly excited about leveraging AI and ML across current and future procurement technology stacks to enhance both efficiency and effectiveness,” notes Jacob.
“ On the efficiency side, automation of routine tasks is freeing teams to focus on strategic priorities. On the effectiveness side, advanced analytics deliver deeper insights for strategy development, negotiations and risk management.”
Several developments are particularly promising for the future of the function. These include autonomous sourcing for low-value spend, AI-guided contract lifecycle management and buying solutions that ensure compliance whilst optimising outcomes.
Probabilistic price forecasting also represents a significant breakthrough. Unlike traditional forecasting, machine learning models can now both predict future prices and assess the probability of various scenarios occurring.
“ These technologies are ushering in a new era of smart, data-driven procurement that is faster,
30 February 2026