How Organizations are Driving Value from Procurement With AI

Keith Hausmann, Chief Revenue Officer, Globality, explains how the AI revolution is transforming the way companies source complex categories – typically services, delivering faster, better decisions; more autonomy for stakeholders; and greater opportunities for procurement professionals to drive innovation. With the huge volatility seen in today's business environment – and in the world more generally – global enterprise companies are facing unprecedented challenges. They need to increase their adaptability and resilience to withstand future economic shocks, all while keeping costs down and driving innovation in order to remain competitive. To succeed in these demanding conditions, many businesses are turning to AI (artificial intelligence) and automation in order to find ways to improve decision-making, accelerate routine processes, and free up their people to focus on driving more strategic problem-solving and growth-related activities. Given AI's seemingly limitless potential, no wonder that it's being increasingly used by procurement functions.