human and AI and must be prepared to pivot talent to other strategic areas , optimising resources .
5 . Priorities ethics and transparency Organisations must ensure that they are being responsible in their use of synthetic data and be transparent about the limitations and / or biases of Gen AI models .
While mostly theoretical at this point in time , Gen AI – described as ‘ a once-in-a-decade opportunity to transform procurement ’ by Bain & Company – has potential . With many leading technology organisations working on the application of Gen AI in the procurement world , the Gen AI market is expected to evolve rapidly . Those that keep up the pace with innovation will surely reap the benefits .
Time will tell , but “ the arrival of generative AI marks a major leap forward in the value their teams can deliver to the business – paving the way to faster , more accurate decision-making , higher resilience , increased sustainability and lower operating costs ,” stated Accenture . procurementmag . com 85