Will Machine Learning Save Procurement Millions a Year?

When it comes to automating processes, procurement organizations are no slouches. Long ago, chief procurement officers automated administration, payroll processing, material-resource needs calculation, invoice generation, and material flow tracking. The function has, for the most part, eliminated redundant work to dedicate more time toward more strategic activity and transitioned the collaboration to business networks. Yet, exception handling seems to be at an all-time high as companies try to get a better handle on their suppliers and partners to gain a competitive edge. AndProcurement professionals are now stretched to their limit, bombarded with a steady stream of requests – each one requiring analysis of massive volumes of documents.