He says : “ The scale of supplier interactions , amount of data involved , and complexity of negotiation processes have defaulted a lot of procurement work to human interactions . That ’ s not necessarily bad , but due to the amount of suppliers , it leaves a lot of inefficiencies and lost opportunities as procurement simply doesn ’ t have the resources . It ’ s great at interpreting and understanding dirty data and complex human interactions , which means it ’ s suddenly feasible to digitise aspects of procurement that were never possible before .”
AI in procurement : who will be left behind ? With the pace of innovation increasing , Kevin Frechette believes there is a real possibility that some organisations could get left behind , both technologically and culturally , if they don ’ t explore the uses of AI in procurement . “ Companies that are embracing AI and GenAI in pockets , running experiments and making it part of the fabric of their culture will be at the forefront of those who will be able to safely and effectively leverage the newest tech as it comes out ,” he explains , adding : “ Companies that resist it and downplay it will start creating a cultural adoption gap that will differentiate the have and have-not companies of tomorrow .”
AI and mastering procurement data The amount of data that procurement teams have to filter and understand is growing rapidly , and this is where solutions like Responsibly feel they have an opportunity to leverage the potential of AI to help companies make more sustainable decisions with their purchasing .
“ AI helps us automatically work at scale with today ’ s reality of messy unstructured data ”
THOMAS BUCH ANDERSSON FOUNDER & CEO , RESPONSIBLY
108 November 2023