49 % of leaders expect AI to drive transformational change over the next three years
Spend classification and analytics will yield the most value( 62 %)
Many( 39 %) are still concerned about data security and privacy
IMPACT OF AI ent Magazine
While the promise of AI is clear, I’ m not surprised that concerns remain. Data security and privacy are the top worry, and with good reason. Procurement systems hold sensitive commercial data, perhaps more than any other function, and integration creates new vulnerabilities if not properly managed.
It’ s the same for integration with legacy systems, many of which just aren’ t built with AI in mind. Of course, that means upgrading or replacing, which comes with cost, complexity and risk.
Job displacement concerns are par for the course with AI. However, procurement has to deliver value moving forward. Here, we return to the same message: see the technology as a seamless way to take care of the lowhanging fruit, which frees up teams to absolutely focus their attention on value-adding, strategic tasks.
3 KEY TAKEAWAYS
IMPACT OF AI: TRANSFORMATIONAL TECH
49 % of leaders expect AI to drive transformational change over the next three years
Spend classification and analytics will yield the most value( 62 %)
Many( 39 %) are still concerned about data security and privacy