“ We ’ ve likely all seen what generative AI tools like ChatGPT and others can do to make our day more productive . Imagine the advantages once that capability can further empower our modern risk management solutions using machine learning , advanced decision-making models , and natural language programming .”
Benefits of cognitive data-driven risk management Adopting cognitive data-driven risk management in procurement offers a competitive advantage to its users . Those in the function can proactively identify potential risks and develop effective strategies to mitigate them . As a result , the likelihood of experiencing supply chain disruptions reduces and overall risk management processes are improved .
“ I see the key benefits as speed , productivity , and analysis . Modern supply chains are complex beasts with many moving parts . Plus , the list of supply risks is ever-growing ; it is in the procurement team ’ s best interest to understand how risks may be developing , ranging from the classic financial or inventory risks , all the way through to geographical and geopolitical risk ,” comments Walden .
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He continues : “ Artificial intelligence tools with powerful analytical capabilities are perfect to ingest , review , analyse , and bring to our attention the most important topics - sort of like finding that metaphorical needle in the haystack . For humans to perform the equivalent would unfeasibly require many more resources .”
Other benefits of cognitive data-driven risk management included supplier risk and performance management – often a top challenge for procurement professionals . Using the power of AL and ML to analyse supplier data can help procurement to gain
50 July 2023