The Future of Procurement Lies in AI, Experts Say

Published on
24/11/2022 11:22 AM
Procurement EM360

As 2022 draws to a close, experts believe harnessing artificial intelligence may be key to solving some of the critical problems procurement teams face in 2023 and beyond.

This year has been one of the most challenging years in procurement history, with post-covid disruptions, rising inflation and a looming global recession adding fuel to the fire of an already high-pressure department of the enterprise.

A recent study by Ivalua recorded that  81% of procurement teams are feeling pressured by executive teams to respond more quickly and effectively to these challenges. 

Although AI is already transforming a limited number of procurement processes, many companies fail to fully unleash its true power within the enterprise. 

Only 25% of CPOS have implemented an AI solution for the...

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