DIGITAL PROCUREMENT Anders Lillevik
The rise of generative AI
DIGITAL PROCUREMENT Anders Lillevik
TITLE : CEO AND FOUNDER COMPANY : FOCAL POINT INDUSTRY : SOFTWARE LOCATION : US
For more than 15 years , Anders
Lillevik has held executive leaderships roles in the world of procurement . Working for the likes of Webster Bank , Fannie Mae , QBE Insurance , and Nitor Partners , Lillevik today is the CEO and Founder of Focal Point .
The rise of generative AI
With the rise of generative AI tools such as Icertis ExploreAI , procurement teams
can harness even more powerful AI tools to uncover ‘ hidden ’ areas of risk .
For example , generative AI applications pinpointing contracts lacking critical language , such as data privacy clauses , enable procurement teams to accelerate contract reviews while reducing risk .
Procurement can automatically flag contracts that deviate from standards for legal review . This helps legal teams focus on higher-risk commercial agreements , and also saves time in contract reviews .
Bernadette Bulacan , Chief Evangelist at Icertis management company , Focal Point , who says : “ Technology advancements and AI are enabling procurement teams to simplify the risk monitoring process by providing more-timely visibility and action on risk , whether it ’ s auditing their suppliers or evaluating compliance risk in existing contracts . This enables organisations to shift risk management from a backwardlooking activity to an integral part of day-to-day operations .”
Responding to regulatory changes in the European Union ( EU ) It is clear that keeping up to date with regulatory changes can be challenging ,
100 September 2023