PROCUREMENT TECHNOLOGY to identify affected contracts and quickly initiate changes in a few minutes and hours . This is a task that would have taken weeks a year ago . This trend will continue and I fully expect that 80 % to 90 % of routine contract administration tasks will be fully automated in the next year or so .”
Nearly half ( 44 %) of CPOs have led AI adoption efforts in the last 21 months , Shannon adds : “ Procurement is leveraging AI to drive value and shape company strategies . This shift will empower procurement teams to embrace innovation , offer deeper insights into market trends , and improve the way new suppliers are sourced and onboarded . Ultimately , this leads to stronger supplier partnerships and more autonomous contracting processes .”
How to get the most of of CMS While the software has proven to be vital , there are still ways to get the best out of it . Both of our leaders emphasise the importance of leveraging technology to drive value in procurement , highlighting the need for organisations to adapt to changing environments and embrace new technologies to remain competitive . While also knowing the goals of the business to implement effective technology .
The critical need for integration In the contemporary interconnected business landscape , organisations depend on integrated systems to streamline operations , boost efficiency , and elevate productivity . CMS and Enterprise
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