PROCUREMENT TECHNOLOGY
very heart of the future of CMS technology thanks to the potential benefits of automation , cost savings and decision-making .
Santosh thinks we will see an adoption of AI to accelerate in 2024 and into next year : “ Early adopters are showing significant competitive advantages across their financial , operational and business outcomes – and increasing pressure on the laggards .
“ 80 % to 90 % of routine contract administration tasks will be fully automated in the next year or so ”
SANTOSH NAIR GEP ’ S CHIEF PRODUCT MANAGER
“ At the same time , software continues to evolve and newer applications in terms of intricate pricing , fully automated obligation management and AI assistants for complex terms will continue to become available .”
But alongside the benefits Shannon predicts more rules : “ We can expect more regulations around AI technologies , as evidenced by recent legislation like the EU AI Act . This regulatory environment will require companies to demonstrate that their use of AI is safe and effective , creating an opportunity to demonstrate compliance with regulations through contracts .”
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