What is Artificial Intelligence?
Artificial intelligence (AI) refers to simulated intelligence in machines. These machines are programmed to “think” like a human and mimic the way a person acts. The ideal characteristic of artificial intelligence is its ability to rationalize and take actions that have the best chance of achieving a specific goal.
Machine Learning (ML), a branch of AI, is not programmed to do a task; it is programmed to learn. Data analysts teach the computer using data samples and by correcting the AI’s mistakes. Alternatively, the machines learn from historical data to build a model that it applies to any new data with which it is presented
New Capabilities with Artificial Intelligence
AI is coming of age as one of the main technological drivers of today’s transformed procurement organizations. With AI-derived analytical power, procurement professionals can unlock valuable insights from data and realize unprecedented efficiency and effectiveness throughout the organization.