HOW PROCUREMENT LEADERS HAVE EVOLVED
Alex also advocates the use of Gen AI , stating : “ New Ivalua research has shown that procurement and supplier management teams who have adopted Gen AI deployments resulted in a 44 % reduction in manual processes . In fact , in the past year , 24 % of UK businesses have already deployed Gen AI in procurement and supplier management .”
However , to fully harness Gen AI , organisations must consider multiple elements which can impact user adoption , output quality , agility and security .
Alex continues : “ First , a solid data foundation is essential as poor-quality
Todd Abner , Founder , President and CEO at OMNIA Partners believes procurement departments were forced into taking a more strategic approach due to the pandemic : “ Many departments were simply resource constrained and the realisation of task saturation set in .
“ A significant focus shift occurred where organisations made the decision to utilise their limited resources for highly strategic procurement events and not focus on commoditised product and services .
“ As a result , they turned to group purchasing organisations ( GPOs ) like OMNIA Partners to manage those less strategic areas , thereby allowing the procurement leaders to accomplish more with less .”
data will not only limit the insights produced by AI , but also undermine output accuracy and reliability in times of crisis . By focusing on quality data , businesses can help reduce the risk of ‘ garbage in , garbage out ’ and ensure they are on track to make the most of any emerging technologies .”
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