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Prepare for the Impact of AI on Procurement - Smarter With Gartner

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Basic machine learning technology is already used by some procurement applications in areas such as spend analytics and contract analytics. This is mostly limited to automating the processes of collecting, cleaning, classifying and analyzing expenditure data in an organization -- to identify savings or paths to greater efficiency. Today, procurement technology vendors are creating cognitive procurement advisors (CPAs) and virtual personal assistants (VPAs) that use natural-language processing (NLP) and natural-language generation to further increase automation and efficiency. "A procurement VPA can improve the end-user experience of traditional procurement tools and increase spend under management by guiding people to the correct purchasing tool," said Magnus Bergfors, research director at Gartner. "A CPA can provide summaries, recommendations and advice in everything from supplier assessments and performance management, to risk management and compliance."


Artificial Intelligence and Additive Manufacturing to Transform the Supply Chain Process, Reports SpendEdge

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LONDON--(BUSINESS WIRE)--Artificial intelligence and additive manufacturing or 3D printing are emerging technologies that have a huge potential in a variety of industries and applications. Despite both technologies being fairly new, particularly 3D printing, procurement market intelligence experts at SpendEdge state that these technologies have several applications in the supply chain for addressing procurement challenges, and will very soon become an integral part due to its improved and sophisticated functionalities. Rapid prototyping is one of the most common uses of additive manufacturing. Since designing a successful product can be very expensive and time-consuming, 3D printed prototyping makes it quite simple at the same time shortens the manufacturing cycle. The impact of AM on supply chain is massive, some of which include increased manufacturing flexibility, reduced material waste, and the ability to employ decentralized manufacturing strategies.


Artificial Intelligence and Additive Manufacturing to Transform the Supply Chain Process, Reports SpendEdge

#artificialintelligence

LONDON--(BUSINESS WIRE)--Artificial intelligence and additive manufacturing or 3D printing are emerging technologies that have a huge potential in a variety of industries and applications. Despite both technologies being fairly new, particularly 3D printing, procurement market intelligence experts at SpendEdge state that these technologies have several applications in the supply chain for addressing procurement challenges, and will very soon become an integral part due to its improved and sophisticated functionalities. Rapid prototyping is one of the most common uses of additive manufacturing. Since designing a successful product can be very expensive and time-consuming, 3D printed prototyping makes it quite simple at the same time shortens the manufacturing cycle. The impact of AM on supply chain is massive, some of which include increased manufacturing flexibility, reduced material waste, and the ability to employ decentralized manufacturing strategies.


Crucial Applications for Procurement Artificial Intelligence - SIPMM

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Artificial Intelligence (AI) is one of the digital technologies progressing rapidly and is a current topic of broad interest. AI has contributed to a more efficient and intelligent way of streamlining business operations, which helps companies achieve cost reduction, improve efficiency and productivity and improve responsiveness to market demand. This article aims to look into the crucial applications of AI in procurement, namely in the area of spend analytics, strategic sourcing and contract management, supplier risk management and robotic process automation (RPA) in procure-to-pay workflow. The chart below shows the applications of AI across Procurement Cycle. Artificial intelligence (AI) is a technology capable of performing tasks that typically require human intelligence by learning, coming to its own conclusions, understanding complex data, engaging in natural dialogues with people, enhancing human cognitive or replacing people on execution of non-routine tasks.


What If Your Business Was So Intelligent That Nothing Came As A Surprise

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Artificial intelligence (AI) is gearing up to help business leaders never be blindsided again. It's not that AI will prevent hurricanes, worker strikes, ingredient shortages, or competitor surges. But it could mean companies aren't taken by surprise because employees will have the ability to always make the best decisions, potentially turning major disasters into minor setbacks with reduced risk. This is the kind of world a group of experts envisioned during a roundtable session at the recent SAP Ariba Live event entitled, "Explore the Future of Intelligent Procurement: Getting to Smarter Decisions." Hosted by Drew Hofler, vice president of Portfolio Marketing at SAP Ariba, the breakout delved into how business processes like procurement are scaling new heights in intelligent automation.