PROCUREMENT TECHNOLOGY
65 % of Gen AI users are Millennials or Gen Z
75 % of users are looking to automate tasks at work and use for communication
58 % of respondents report using Gen AI tools to generate text content
– CPOs are looking to risk evaluation tools , as well as advanced analytics and predictive solutions . Other challenges faced by procurement include risk management , operational efficiency , cost management , talent shortages and skills gap ,
“ To address the challenges , CPOs have continually invested in enhancing digital capabilities . Digital transformation remains the no . 3 priority over the next 12 months , with 80 % of CPOs reporting it as their organisation ’ s top priority ,” explained Deloitte . Enter Gen AI … More specifically , investment in Gen AI holds great potential for the S2P process , with its greatest potential being proactive risk management , process automation , and decision making . “ In an increasingly uncertain world , instant access to accurate information is vital for mitigating and managing risk and empowering organisations ,” said Deloitte .
Addressing the above challenges , Gen AI has the ability to analyse large sets of data to process scenario-based results and reduce complex manual processes and intervention ; as well as increase efficiencies with complex automation and reduce risks by monitoring procurement processes to identify and predict potential fraudulent activities or anomalies .
The technology can also generate actionable insights based on historic trends , demand profiles , and supplier performance , and craft stronger negotiation strategies by
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