PEOPLE & TECHNOLOGY
efficiently and prioritise strategic initiatives that add real value to the wider business .” This new model will increase procurement ’ s influence across the organisation and give talent the opportunity to develop their careers and progress within their companies . Especially when coupled with natural language processing ( NLP ), it can make it easier for business stakeholders throughout the source to contract processes which , in turn , can help increase the amount of spend under management while delighting the business stakeholders .
One example of these possibilities is the traditional RFP , which has always been a slow , painstaking process . Instead , AI identifies desired business requirements up front and then highlights those characteristics in a shortlist of suppliers , making it easy to quickly select the best provider , both in qualitative and quantitative terms , for each specific need . AI can help look at patterns of behaviour and compile different factors , including cost and capability , to make the right decision about suppliers in days rather than weeks or even months .
48 November 2022