Recently, Gartner predicted that artificial intelligence would benefit procurement and sourcing technology. Procurement data has exploded because procurement has evolved into something called “intelligent spend management,” which oversees all corporate purchasing processes including direct and indirect purchases, travel, and external labor.
Business leaders must offer transparency into the metrics and data used, how vendors were selected and ranked, and other elements that trained AI algorithms. AI helps machines learn from experience, adjust to new inputs, and perform human-like tasks in a way that computers haven’t historically been able to do.
Here are three ways AI could change procurement models, helping buyers work smarter, better, and faster in the future:
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