RISK & RESILIENCE
“ Procurement teams already have a lot on their hands, so leveraging procurement platforms to enable more efficient tracking of emissions and material sourcing allows them to pinpoint opportunities.”
Edmund also points to strategic rightshoring as a potential solution:“ Bringing manufacturing closer to end markets while maintaining sustainable practices, can also reduce carbon footprints and lower overall costs.”
Key capabilities in procurement technology When selecting AI and procurement technologies, Edmund recommends focusing on solutions that enhance speed, efficiency and strategic decision-making.
“ Traditional procurement processes are often slow and reactive, causing delays in supplier approvals and missed cost-saving opportunities,” he cautions.“ Especially in this current landscape, there’ s no space for missed opportunities.”
The ideal procurement technology stack should:
• Automate manual processes from supplier selection to reporting
• Enable rapid analysis and action on quotes
• Provide predictive insights for optimising supplier negotiations
• Seamlessly integrate with existing enterprise systems
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“ AI-driven solutions can transform procurement into a proactive function by automating or eliminating manual steps in cycles ranging from supplier selection, negotiation, to benchmarking and reporting, allowing teams to act on quotes and secure optimal pricing in days rather than weeks or months,” Edmund explains.
Implementing AI in procurement: Practical steps For 77 % of organisations who took part in the survey, they plan to adopt or expand their use of AI in procurement, Edmund offers actionable implementation advice.
“ The first step to integrating AI and procurement technology is conducting a thorough assessment of your existing procurement infrastructure and identifying the areas where AI can deliver the most impact,” he recommends.“ Establishing clear goals like cost optimisation, risk management, reducing lead times, etc., will help ensure alignment with larger business priorities.”
He emphasises the importance of selecting user-friendly platforms that integrate with existing systems and investing in team training. Crucially, Edmund cautions against waiting for perfect data conditions before beginning digital transformation.
76 May 2025