PROCUREMENT STRATEGY
Artificial intelligence ( AI ) and its more advanced offshoot , generative AI ( Gen AI ), are transforming almost all industries , with the procurement function also undergoing revolutionary changes thanks to the technologies . While many companies claim newly-established tools will transform their operations , these solutions are of little use if teams are not educated on how to responsibly and impactfully apply Gen AI to procurement activities .
AI is now vital to staying competitive and increasingly used to complete routine tasks , enhance decision making through data-driven insights and optimise supply chain management . Gen AI has demonstrated success in areas like summarisation , content creation , classification and data analysis .
Employers may ask , ‘ Where are my employees spending most of their time ? Do the tools they use today offer capabilities to automate tedious actions ? Do the tools they use provide just-intime augmented information to support more strategic decisions ?’. If the answer to these questions is no , it may very well be the perfect time to invest in Gen AI-powered capabilities .
However , as AI becomes more and more intertwined with everyday activities , it ’ s crucial that procurement professionals are equipped with the knowledge and skills to leverage relevant tools effectively . Those who do so will be better positioned to drive efficiency , innovation and value within
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