Craig Hendry
AI IN PROCUREMENT
Craig Hendry
Principal Efficio
It is indisputable that AI is reshaping procurement , with many reporting streamlined processes and improved accuracy . Craig agrees : “ We are witnessing an initial wave of automation , including the streamlining of tasks like document generation and data analysis , which leads to increased accuracy , improved efficiency and reduced operational costs .”
By automating repetitive tasks , AI enables procurement teams to focus on strategic decision-making rather than manual processes , however it comes with risks . When it comes to utilising the power of AI , however , procurement leaders must be aware of potential biases and inaccuracies that may be present in AI models and how this can influence decision-making and recommendations ,” Craig warns . Poor-quality or incomplete data can skew supplier selection , misinterpret market trends or lead to inaccurate predictions about supplier performance .
Beyond operational concerns , AI-driven procurement decisions carry ethical implications . As Craig emphasises , staying proactive is key to minimising risk and maximising AI ’ s benefits : “ Businesses must critically evaluate AI solutions during the selection process and set up regular reviews to ensure continuous alignment with industry-standard practices .”
“We are witnessing an initial wave of automation ... which leads to increased accuracy , improved efficiency and reduced operational costs ”
procurementmag . com 99