Denise Mattern’s Post

🚀 The Secret Weapon for Procurement's Seat at the C-Suite Table 🚀 Is AI the secret weapon for procurement teams to finally get a seat at the C-suite table? 🤔 Analysis reveals a resounding YES! 💯 Here's how AI is transforming spend analytics and strategic sourcing, elevating procurement's strategic value: 1️⃣ Spend Visibility 👁️🗨️: AI-powered analytics provide unprecedented insights, uncovering hidden costs and opportunities. Success Story: One global company identified 5-40% new savings using AI-driven spend analysis! 💰 2️⃣ Predictive Sourcing 🔮: AI algorithms can forecast market trends and supplier performance, enabling proactive strategies. Success Story: A tech giant reduced supplier risk by 30% with AI-powered predictive analytics! 🛡️ 3️⃣ Intelligent Contracting 📄🧠: NLP and machine learning are revolutionizing contract management. Success Story: A Fortune 500 company saved $500,000 annually by automating contract review with AI! 💸 4️⃣ Strategic Decision-Making 🎯: AI turns data into actionable insights, empowering procurement leaders to make data-driven decisions that impact the bottom line. 5️⃣ Process Automation 🤖: Chatbots and RPA are freeing up procurement teams to focus on strategic initiatives. Success Story: One company reduced PO processing time by 60% using AI-powered automation! The numbers speak for themselves 🗣️: ·  240% projected growth in AI adoption in procurement over the next 2-3 years  ·  Up to 40% reduction in processing costs  ·  25-60% improvement in productivity Is your procurement team leveraging AI to drive strategic value? Share your experiences or challenges below! 👇 #ProcurementInnovation #AIinBusiness #StrategicSourcing #DigitalTransformation #ProcurementConsultancy

AI is redefining supplier selection, making procurement faster, smarter, and more efficient: 1️⃣ Speedy supplier discovery: AI reduces the typical supplier search from months to mere hours by scanning and updating global supplier data in real time, perfect for faster, data-driven decisions. 2️⃣ Risk prediction: AI spots potential supplier risks early by analyzing real-time patterns, from financial instability to ethical concerns, giving companies time to adapt. 3️⃣ Automated communication: AI chatbots can handle thousands of supplier negotiations simultaneously, making it easy to manage tail-end spend and secure better deals. 4️⃣ Precision demand planning: AI refines demand forecasts, balancing supply needs and minimizing costly stock issues, helping companies from IKEA to Johnson & Johnson stay agile. 5️⃣ Efficient contract analysis: AI-powered tools cut contract review time by up to 60%, highlighting key terms and risks, so teams can focus on strategic negotiation and avoid hidden pitfalls. Get into more detail on our blog. ⬇️

Did you know that automating purchase order creation with Generative AI can cut your processing time by over 50%? Dive into how AI is transforming procurement processes in manufacturing! With AI, you can seamlessly transform your procurement process by: 1. 𝐈𝐝𝐞𝐧𝐭𝐢𝐟𝐲 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬 🔺 Gather and analyze procurement needs. 🔺 Use AI to predict future requirements based on historical data. 2. 𝐒𝐮𝐩𝐩𝐥𝐢𝐞𝐫 𝐒𝐞𝐥𝐞𝐜𝐭𝐢𝐨𝐧 🔺 AI-driven insights to evaluate and select the best suppliers. 🔺 Automated risk assessment and compliance checks. 3. 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐎𝐫𝐝𝐞𝐫 𝐆𝐞𝐧𝐞𝐫𝐚𝐭𝐢𝐨𝐧 🔺 Automated creation of purchase orders with AI. 🔺 Ensure accuracy and reduce manual errors. 4. 𝐀𝐩𝐩𝐫𝐨𝐯𝐚𝐥 𝐖𝐨𝐫𝐤𝐟𝐥𝐨𝐰 🔺 Streamlined approval process with AI suggestions. 🔺 Faster decision-making and reduced bottlenecks. 5. 𝐎𝐫𝐝𝐞𝐫 𝐓𝐫𝐚𝐜𝐤𝐢𝐧𝐠 𝐚𝐧𝐝 𝐌𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 🔺 Real-time tracking of orders with AI-powered systems. 🔺 Proactive issue resolution and status updates. 6. 𝐈𝐧𝐯𝐨𝐢𝐜𝐞 𝐏𝐫𝐨𝐜𝐞𝐬𝐬𝐢𝐧𝐠 𝐚𝐧𝐝 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 🔺 Automate invoice matching and approval. 🔺 AI-driven payment scheduling for optimal cash flow. 7. 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 🔺 AI analytics to review supplier performance and purchase efficiency. 🔺 Continuous improvement with data-driven insights. Elevate your procurement strategy and drive efficiency with Generative AI! #GenerativeAI #Procurement #AI #Automation #SupplyChain #Efficiency #Innovation #dtskill #DTskill #DigitalTransformation #DTskillAI #dtskillai https://buff.ly/3W2bpCC https://buff.ly/3W6ePob

The good thing about AI is that it's flexible and has many use cases that businesses can refer to. AI can be used for recruitment, supply chain operations, inventory management and other tasks. Using it in these areas can boost sales for your products and services because AI can process large blocks of information and give insights into your sales channels. And as we all know, insights help with communication strategy for sales teams. More benefits here: https://bit.ly/3TSmghx #AI #Tech #Sales #SalesTeam

According to a recent article in Forbes, AI is reshaping supply chains by boosting efficiency, automating tasks, and reducing risks, though some companies face challenges in implementation. AI-driven tools streamline complex operations, providing key benefits: Seamless Supplier Communication: AI assistants automate real-time coordination with suppliers, reducing manual errors and improving response times during disruptions. Automated Ordering: By generating purchase orders and managing high-volume tasks, AI helps companies meet demand fluctuations faster and more accurately. Accessible Data Insights: AI enables easy, no-code reporting, allowing leaders to make data-driven decisions on costs, supplier performance, and environmental impact. Proactive Risk Forecasting: AI uses historical data to predict supply issues like shortages, helping companies adjust strategies proactively. While some industries, such as FMCG, face hurdles like outdated systems and employee resistance, companies can maximize AI's impact by following a few steps: assessing their supply chain needs, adopting a phased rollout, and partnering with AI experts for a stronger return on investment. Source: https://lnkd.in/efYqdmj4

Here is my narrative; as I have been asked many times lately if AI will replace our procurement and supply chain jobs ‼️ The conversation around AI and its impact on various fields, including procurement, often leans towards extremes, either depicting AI as an existential threat or as a panacea. However, a balanced perspective is more productive. AI indeed has the potential to revolutionize procurement, but it will likely enhance rather than replace the human element. ### Key Points on AI in Procurement: 1. **Enhanced Access to Data**: - AI can process vast amounts of data more efficiently than humans, providing real-time insights and analytics that can inform better decision-making in procurement. 2. **Incredible Productivity Boost**: - Automation of routine tasks can free up procurement professionals to focus on more strategic activities, thus increasing overall productivity and efficiency. 3. **Human Decision Making**: - Emotional intelligence, intuition, and qualitative insights are irreplaceable. AI can provide quantitative data, but the nuanced understanding of stakeholder needs, market dynamics, and contextual intelligence still require human intervention. ### Balanced Approach: - **AI-Enhanced Data**: Utilize AI to gather and analyze quantitative data, such as procurement analytics and supply chain insights. This data can help identify patterns and trends that might not be immediately obvious. - **Qualitative Insights**: Engage in activities like customer interviews, stakeholder consultations, and market research to gather qualitative data that AI cannot fully capture. - **Intuition and Experience**: Rely on human intuition and experience to interpret data and make informed decisions. This "common sense" approach, developed through years of experience and immersion in the field, is something AI cannot replicate. ### Future of Procurement Teams: - The structure and roles within procurement teams will evolve. While some tasks will become automated, new roles focused on managing AI tools, interpreting complex data, and making strategic decisions will emerge. - The collaboration between AI tools and human professionals will be key. Procurement teams will need to adapt by acquiring new skills and competencies in data analysis and AI tool management while honing their interpersonal and decision-making abilities. As Tim Cooke aptly put it, it's crucial not to let external noise cloud our own judgment. Embracing AI as an enhancement rather than a threat allows us to leverage its capabilities while maintaining the invaluable human elements of procurement. #supplychain #procurement #ai

One key to keep in mind when establishing #AI practices is focusing on communication and training for your employees. My EY colleague, Paul Dunn, explains in CIO Online the why it's important for employees to understand the technology.

One key to keep in mind when establishing #AI practices is focusing on communication and training for your employees. My EY colleague, Paul Dunn, explains in CIO Online the why it's important for employees to understand the technology.

🚀 Unlocking Efficiency with AI in Procurement 🚀 Artificial Intelligence (AI) is revolutionizing procurement by automating and enhancing key processes. Here's how AI is making a difference: Automated Tasks: AI can handle repetitive tasks like data entry and invoice processing, freeing up time for strategic activities. Data Analysis: AI tools analyze vast amounts of data to provide insights for better decision-making. Predictive Analytics: AI helps forecast future trends, enabling proactive procurement strategies. Supplier Management: AI improves supplier selection and performance monitoring. Risk Mitigation: AI identifies potential risks and suggests mitigation strategies. Cost Savings: AI optimizes procurement processes to reduce costs. Enhanced Collaboration: AI facilitates better communication and collaboration within teams. Sustainability: AI supports sustainable procurement practices by analyzing environmental impacts. Continuous Improvement: AI continuously learns and improves procurement processes over time. Embrace AI in procurement and transform your operations for the better! https://lnkd.in/dT6STBQY #AI #Procurement #SupplyChain #Efficiency #Innovation #BusinessGrowth #Procure #CIPS #CILT