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Pick the collective brains of all Spend Matters analysts on this #AI in #procurement webinar featuring latest research and insights to wrap-up the Q1 content series - Open to all.

Don't forget about our upcoming webinar, AI in Procurement: Dispelling Myths and Embracing Real-World Impact, which promises to be an invaluable resource for our AMER customers and prospects. We have teamed up with Sourcing Industry Group (SIG) and BearingPoint to go beyond the surface-level discussions and guide procurement professionals through the complexities of AI adoption.   Here is everything you need to know: 📅  Date: Thursday, April 25 at 1:00pm ET 📍  Registration Page: https://bit.ly/43OF6cL 🎤  Presenters: Dimitri Koulouriotis, JAGGAER and Diego De la Garza, BearingPoint 💡  What to Expect: In this power-packed session, we'll delve into how AI is reshaping the future of procurement and supply chains. Key topics we will cover include: Deciphering the AI Landscape AI vs. Generative AI Latest Advancements in Intelligent Procurement Solutions Real-World Applications & Success Stories Future-Focused Strategies for Procurement Leaders Diego De la Garza Chetan Rangaswamy

🌟 Exciting News Alert! 🌟 Discover the game-changing impact of AI in procurement, ushering in a new era of efficiency and insight. According to recent findings, AI-powered procurement boasts impressive statistics: 1. AI's Efficiency Boost: Experience transactions that are 40% faster, leading to streamlined procurement processes. 2. Cost Reductions: Enjoy significant cost savings of up to 30%, revolutionizing budget management. 3. Industry Adoption: Join the 65% of forward-thinking leaders who are already harnessing the power of AI in procurement. Don't miss out on the opportunity to revolutionize your procurement strategy with AI! Read the full article for insights and inspiration. #AIinProcurement #EfficiencyRevolution #CostSavings #IndustryLeadership #ProcurementInnovation https://lnkd.in/gtFq3SAh

Download your complimentary copy of Gartner Predicts 2024: CPOs Adjust to Technology's Impact on Procurement to discover why its analysts say that AI-powered sourcing will enable procurement to do more with less and also focus on higher-value, more strategic tasks https://hubs.ly/Q02hyQ4G0 #procurement #sourcing #automation #AI #AutonomousSourcing

Procurement and logistics are intrinsically tied. When they collaborate seamlessly, manufacturing costs stay within budget, production efficiency improves, and disruptions are minimized. Therefore it is vital to integrate AI into your procurement processes to enable procurement professionals to gain deeper insights into spending patterns using spend data, supplier performance, and cost-saving opportunities for added profitability. Here are some of the best AI Tools for procurement. -DocuSign Insight -TealBook -Stampli -Keelvar #Procurement #AI

AI in procurement can automate routine tasks, from processing purchase orders to invoice matching, freeing up human resources for more strategic functions. It can also offer profound insights into spending patterns, supplier performance, and market trends through advanced data analytics, enabling procurement teams to negotiate better terms, identify savings opportunities, and manage risks more effectively. Additionally, AI-driven tools can enhance supplier selection and management, using algorithms to evaluate suppliers against various criteria, including cost, quality, reliability, and sustainability practices. By providing real-time, data-driven insights, AI helps procurement teams make informed decisions faster, predict market changes, and proactively address potential disruptions. #SupplyChain #AI #Procurement #Operations

Procurement professionals constantly face the challenge of reducing costs, but they know it isn’t sustainable long-term. Once the easy savings are captured, it gets tougher to meet CFO expectations. Moreover, nearly a third of spending happens without procurement input. The solution? Generative AI. By leveraging AI for RFPs, supplier discovery, contract negotiations, and orchestration we can revolutionize procurement processes. Predictions indicate that by 2027, 40% of sourcing events will be executed by non-procurement staff, highlighting a key opportunity for us to lead AI-driven sourcing initiatives. Embrace disruption—AI in procurement is our new frontier. https://buff.ly/3UDkTSQ #Procurement #AI #CostReduction #Innovation

🚨 The Dangers of Dirty Data in AI Applications for Supplier Management 🚨 In the latest Supply Chain Dive article, Shaz Khan, CEO and co-founder of Vroozi, delves into the ethical considerations and transformative potential of AI in procurement. From optimizing supplier relationships to automating workflows, AI holds immense promise. However, the integrity of the data driving these systems is crucial. 💡 Key Takeaways: •Reshaping Procurement: AI can revolutionize procurement with price predictions, supplier identification, and working capital optimization, driving significant ROI. •Ethical Considerations: Accurate, current data is essential to avoid incorrect supplier assessments and financial impacts. •Future of AI: Investing in training and education on AI and ethics is vital for maximizing its potential. 🔍 Explore how AI can make every procurement professional an Encyclopedia Brown, solving complex problems with ease. Check out Shaz's insights on the importance of clean data and the future of AI in procurement. #Procurement #AI #SupplyChain #DataIntegrity #EthicalAI #Vroozi #Innovation #SupplyChainDive

Thank you Supply Chain Dive for the opportunity to write about this important topic. AI is such an incredible tool but it learns from example sets. If organizations are not prepared to tackle data quality issues in their financial systems and databases, you will ultimately see outcomes that damage the business and reputation of procurement and financial operations and personnel. Take these areas: 1.) Missing data (think surveys that have unanswered or incomplete questions or missing fields in a supplier record) 2.) Biased data inputs (inaccurate depiction of a supplier profile from a risk standpoint) 3.) Data hygiene - Is my data up to date and non-repetitive (i.e., duplicate supplier records in your system based on naming convention of the same vendor ten different times) Vroozi is not just focused on the technology enablement of solving procuretech problems but also providing guidance and frameworks for customers to maximize their ROI. Start clean and give AI the right starting point to generate value!

"AI will reshape the procurement landscape by empowering procurement professionals to do their jobs more efficiently, completely revolutionizing their company’s ROI. Supply chain insights with price predictions, category management and supplier identification, and working capital optimization are just a few of the possibilities to create financial and productivity results." - Shaz Khan, CEO and co-founder of procurement platform Vroozi But, he points out, procurement professionals will need to know how to extract the right data. Insightful article: https://lnkd.in/e4_mV8AZ Be sure to request a copy of my new white paper on AI integration for supply chain excellence here: https://lnkd.in/gink2Kyh #thesupplychainevangelist #supplychain #procurement #manufacturing If you find this post helpful, consider sharing it and comment below 👇