First, it is important for procurement organisations and their leaders to embrace the reality and potential for AI and cognitive procurement. Understand that, like most technologies, AI may bring changes, but it also presents significant opportunities. Next, based on the capabilities outlined above, think about what projects or processes in your organisation could most benefit from cognitive procurement. As you apply AI to certain procurement tasks and processes, you'll begin developing internal capability and expertise. It will also change the profile and enhance the skill set of your procurement professionals.
We are currently working on an AI in procurement research series that we'll be releasing over the next few months. For now, though, check out this webcast that we did with KPMG where we spelled out 23 different procurement AI areas that are being deployed out in the field. In it, KPMG had a few nice graphics that overlaid various AI technologies onto different procurement business processes. For example, machine learning can be helpful in classifying spend-related text (including unstructured and semi-structured) to any target spend taxonomy within spend analysis for strategic sourcing, but it can also be used to perform real-time auto classification within an e-procurement "guided buying" scenario.
BravoAdvantage is the strategic procurement platform that enables organizations to generate more value, influence innovation and reduce risk. It is powered by a unique supplier-centered approach that integrates supplier lifetime value throughout the entire procurement process, BravoAdvantage provides the visibility, insight and transparency that is required to power and improve user's procurement initiatives and decisions. With the BravoAdvantage offering, BravoSolution continues to strengthen a global reputation influencing innovation in strategic procurement and supply management helping organizations propel business growth and maximize competitive advantage. Users will be able to manage costs, compliance and risk. Aggregate spend data from multiple disparate systems; cleanse and classify data into a common classification structure; and perform multi-dimensional analysis--which enables users to identify saving opportunities and correct compliance breakdowns to ensure that users realize their negotiated savings goals.With BravoAdvantage's Streamline processes, user's can reduce cycle times and achieve valuable business outcomes.
"Foolish" EU procurement rules cost UK taxpayers 1.6bn a year, which could be better spent on new hospitals and flood defences, Leave campaigners have said. Existing laws imposed a big bureaucratic burden on companies, Vote Leave said, with no regard to the size of contracts or who was tendering. An estimated 1.9 million days were lost a year in red-tape delays, it added. But Remain campaigners said their opponents' wider economic arguments were "falling apart". This came after the Institute for Fiscal Studies said the budgetary gains from leaving the EU could be outweighed by the subsequent economic damage while the head of the World Trade Organization said the UK could face 9bn in import tariffs outside the EU.