Rapid advancements in digital technologies nowadays and the application of these disruptive technologies in Procurement enables strategic sourcing become more predictive, transactional procurement become more automated, and supplier relationship management become more proactive.
It is imperative that procurement organizations understand digital procurement, staying up to date cutting edge trends, technologies and how to effectively utilize them in order to remain competitive and relevant in the market. The purpose is to support proficiency, decrease costs with the real-time insights, data analytics through artificial intelligence (AI) and easy-to-use online tools. This article focus on how AI technologies positively impact on organizations and help procurement professionals to work smarter, better and faster than they could before.
Artificial Intelligence (AI) in Procurement
Artificial intelligence has been one of the hottest topics in digital technology but it is still a relatively new opportunity for Procurement. AI simulates human intelligence and processes by machines. These processes include learning from constantly changing data, reasoning to make sense of data and self-correction mechanisms to make decisions using smart computer algorithms.