Veridion’s Post

Let’s face it, AI is all the rage in procurement, but is it actually worth the hype? Spoiler alert: absolutely, if you’re doing it right. Here’s a quick dive into how AI is turbocharging procurement, turning data chaos into clarity, and letting teams leave the mind-numbing tasks to the machines. Here’s what you need to know: -> AI’s Speed is Mind-Blowing: Imagine finding suppliers 90% faster, AI does in hours what would usually take weeks. It’s like having a turbo button for procurement, and it works like a charm. -> Precision Over Hype: While 80% of procurement pros want to hop on the AI bandwagon, a fair few don’t quite know why (spoiler: “everyone else is doing it” isn’t the best strategy). With Veridion’s data, you get a tech upgrade and the clarity to know it’s worth it. -> Real-Life Superpowers: From spotting trends to predicting future demand, AI in procurement gives you a view of your data that’s sharper than a hawk’s. No more guesswork; just accurate, data-driven decisions. -> Automate the Boring Stuff: AI automates the repetitive time-sucks - like creating RFx docs, matching invoices, and managing contracts - freeing your team to focus on high-impact work. And yes, it’s saving big players like Walmart serious money in negotiations. Read more on this in one of our very valuable articles 👇

"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 👇

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

Exciting Insights from ProcureCon's Latest Research Report on AI in Procurement! This research was created in partnership with Coupa Software Beroe Inc Airbase Certa.ai Braintrust [https://bit.ly/3RaND4x] We're thrilled to share our latest findings on the transformative impact of Artificial Intelligence (AI) on procurement and supply chain functions. As AI continues to revolutionize these sectors, our report highlights several key insights that are shaping the future of procurement: 🔹 Widespread AI Adoption: AI adoption in procurement is growing, but many organizations are still in the early stages. Despite this, the potential for AI to enhance decision-making, efficiency, and strategic supplier relationship management is immense. 🔹 Significant Benefits: AI is yielding substantial benefits, including improvements in real-time data analytics, risk management, and compliance adherence. Our respondents are optimistic about AI's ability to drive professional growth and operational excellence. 🔹 Generative AI on the Rise: Generative AI is making waves, particularly in category management market intelligence, supplier onboarding, and expense report management. This technology is not only automating routine tasks but also generating innovative insights and solutions. 🔹 Strategic AI Investments: Over the next three years, 95% of procurement leaders plan to increase their AI investments. They recognize AI as crucial for optimizing procurement processes, enhancing supplier negotiations, and driving cost savings through better decision-making and risk management. 🔹 Future Outlook: The future of procurement is bright with AI. Leaders anticipate significant strides in efficiency, decision-making, and supplier relationship management. AI is set to make procurement more strategic, data-driven, and responsive to the fast-paced global market. We're excited to see how AI will continue to reshape procurement and supply chain management, driving innovation and excellence. Dive deeper into our report to explore how you can leverage AI to stay ahead in this dynamic landscape! 📊 [https://bit.ly/3RaND4x] #Procurement #SupplyChain #ArtificialIntelligence #AI #Innovation #DataAnalytics #RiskManagement #GenerativeAI #FutureOfWork

💡 AI in Procurement: From Theory to Action AI is becoming a bigger part of procurement, but here’s the thing—it’s not just about the tech. It’s about how it fits into our work, our processes, and ultimately, our results. 🤔 For me, working with AI has been eye-opening. It’s not just about saving time (though it’s incredible at that). What used to take days or even weeks to research, analyse, and write, AI delivers in minutes. 🗝️ But here’s the catch: the real value of AI isn’t in the tool itself—it’s in how we, as experienced professionals, guide it. Without relevant deep expertise, AI’s data can be misinterpreted, leading to the wrong decisions—or even disasters. It’s our years in the field, our understanding of procurement nuances, and our ability to assess and direct AI that turn it into a true partner. Here’s where I’ve felt the difference: 🔍 Finding What Matters AI doesn’t just organise data—it tells a story. It connects the dots across categories, flags opportunities, and even helps uncover risks before they become problems. It’s like having a partner that’s always a step ahead—but only if you know how to guide it. 📊 Seeing the Bigger Picture From forecasting price shifts to spotting demand trends, AI has helped me not just react to changes but get in front of them. It’s not just about cutting costs—it’s about making better decisions, faster. ✨ Endless Opportunities Ahead Especially in procurement, AI opens doors I couldn’t have imagined before. It enables me to help businesses and clients in ways I never thought possible—navigating procurement and sustainability challenges, creating a true competitive advantage, and delivering more value than ever. 👉 For me, it’s clear: AI isn’t just a tool—it’s a game-changer. 🗝️ But it’s a partner that works best when paired with experience, insight, and strategy. What’s your take on this, Bertrand Maltaverne, Helen Mackenzie and Dr. Muddassir Ahmed ? 👉 To everyone reading: 🔊 Curious about how AI could transform your procurement approach? Let’s connect. I’d love to discuss how we can work together to create more value and drive success in your business. SPL Partners #Procurement #SustainableSourcing #ArtificialIntelligence #DigitalProcurement #StrategicSourcing #SupplyChain #Sustainability #SPLPartners

The #retail industry is on the verge of a transformation. AI-driven technology is projected to generate over $3.2 trillion by 2029. Dive into Icertis' blog to explore how retailers can unlock the full potential of #AI innovation and stay ahead in this rapidly evolving landscape.

The #retail industry is on the verge of a transformation. AI-driven technology is projected to generate over $3.2 trillion by 2029. Dive into Icertis' blog to explore how retailers can unlock the full potential of #AI innovation and stay ahead in this rapidly evolving landscape.

Advanced Procurement Yesterday — 𝐍𝐨 𝐆𝐞𝐧-𝐀𝐈 𝐍𝐞𝐞𝐝𝐞𝐝! Back in late 2018 / early 2019, before the Gen 𝐀𝐫𝐭𝐢𝐟𝐢𝐜𝐢𝐚𝐥 𝐈𝐝𝐢𝐨𝐜𝐲 craze began, I did a series of articles on Spend Matters on AI in X Today, Tomorrow, and The Day After Tomorrow for Procurement, Sourcing, Optimization, Supplier Discovery, and management. All of which was implemented, about to be implemented, and capable of being implemented without current AI technologies. And, most definitely, not capable of being done with Gen-AI. Since it needs to be made abundantly clear that you do not need Gen-AI for any advanced back-office (fin)tech (and, for that matter, don't need it for anything at all), it's time to talk about all of the advanced capabilities of S2P that were, are, and will be available as soon as you throw the Gen-AI rubbish in the trash bin where it belongs. We're going to start with our 3 part series on Procurement, namely, the advanced tech that has been available in some systems for the last 5 years without any Gen-AI whatsoever. Moreover, unlike the last series which talked a lot about what the features were and how they would work from a user's viewpoint, this series is going to focus on the "AI" methods that smart vendors do, will, and can use to implement these capabilities. (So if you want more details on most of these features and functions, refer to the 2018/2019 series on Spend Matters, using the links in the full article. Note that, since tech marches on like time, they won't all be 1 to 1.) In Procurement, we've had six major "AI" capabilities for years (and yes, we enclose "AI" in quotes because they aren't all truly AI even though they are now marketed as AI). What are they? Click through: https://lnkd.in/entt8YW5

The #retail industry is on the verge of a transformation. AI-driven technology is projected to generate over $3.2 trillion by 2029. Dive into Icertis' blog to explore how retailers can unlock the full potential of #AI innovation and stay ahead in this rapidly evolving landscape.

As business leaders across all functions look for ways to deliver new productivity and efficiencies while trimming costs, our latest blog draws on the Gartner Quick Answer: How to Prepare for AI in Procurement to highlight the four key steps that CPOs and other sourcing leaders should take to benefit from the power of AI-driven technology. https://lnkd.in/eXEkujbN #procurement #sourcing #AI