AI IN PROCUREMENT
across the portfolio , developing AI + HI solutions based on customer feedback , market dynamics and internal innovation .
“ One important area where AI is helping to transform procurement is commodity price forecasting ,” she says . “ Typically , commodity market movements are perceived as a risk to savings projects or as a factor that organisations must manage from a cost-avoidance standpoint .
“ But businesses can leverage the opportunities from these movements because AI makes it possible to look at larger , more complicated data sets over a longer period of time , helping to improve the accuracy of predictions and supercharge decision making , near real-time .”
The decisions made using price forecasts have a direct impact on a company ’ s bottom line , and they also have an impact on
“ A BIG COMPONENT OF THE WORK DONE AT THE SMART CUBE CONCERNS UNITING HUMAN INTELLIGENCE AND ARTIFICIAL INTELLIGENCE "
PRERNA DHAWAN CHIEF SOLUTIONS OFFICER , THE SMART CUBE
supplier relationships , business continuity , and many other processes . The uncertainty and volatility that are continuing to impact commodities – in conjunction with more data sources being readily available to support decision making – have made one thing apparent : AI is set to play a substantial role in commodity intelligence moving forward .
“ Another use-case where we ’ re starting to see traction is in supplier management ,” says Dhawan . “ AI can help inform recommendations on supplier changes and contract renegotiations based on market
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