As the role of purchasing continues to expand and time becomes more scarce, it’s good to know that help is on the way. Though artificial intelligence isn’t “help” in the traditional sense, its capabilities for strengthening procurement aren’t either. The benefits of AI are much more significant. And if your firm delays in embracing AI, it will be giving the competition who makes it a priority a leg-up. Any company looking to perform true strategic sourcing will need AI’s assistance in tackling the challenging and nuanced task.
According to Spend Matters, there are three main areas where artificial intelligence is bolstering procurement:
- Automatically conducting simple repetitive tasks (factory automation and back office processing).
- Detecting patterns in large data sets (spend analytics).
- Strategic reasoning in large and complex decision spaces (strategic sourcing).
AI is transforming industries and professions across the board, and procurement will undoubtedly continue to be in this camp. Purchasing professionals need to take the necessary measures to train on and incorporate AI into their daily activities in order to maintain maximum strategic decision-making.