procurement


2020 AI Trends: More Machines in the Workplace SAP News

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Artificial intelligence (AI) and machine learning will soon be everywhere, and we will learn to love them for all the right reasons. That is my prediction after seeing the latest research about these fast-evolving technologies. Begin with the big picture: Gartner analysts said that AI -- with a particular emphasis on machine learning -- will eventually infiltrate just about every existing technology. IDC predicted companies will invest over $265 billion worldwide in new intelligence technologies by 2023. Slightly further out, IDC researchers predicted that AI will be inescapable by 2025.


Houston startup uses artificial intelligence to bring its clients better business forecasting calculations

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The business applications of artificial intelligence are boundless. Tony Nash realized AI's potential in an underserved niche. His startup, Complete Intelligence, uses AI to focus on decision support, which looks at the data and behavior of costs and prices within a global ecosystem in a global environment to help top-tier companies make better business decisions. "The problem that were solving is companies don't predict their costs and revenues very well," says Nash, the CEO and founder of Complete Intelligence. "There are really high error rates in company costs and revenue forecasts and so what we've done is built a globally integrated artificial intelligence platform that can help people predict their costs and their revenues with a very low error rate."


Artificial Intelligence in Procurement – From Insight to Action

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Artificial Intelligence (AI) is expected to have a more profound impact on humanity than electricity or fire, according to Google's CEO Sundar Pichai. In the manufacturing business heavy investments are being made in AI. It is predicted to affect every step within the supply chain process in future, enabling more efficient procurement activities than ever before. Numerous vendors already claim to operate with this intelligent technology. But the reigning buzzword is not always understood, used and promoted correctly, which leads to confusion both by buyers and sellers.


China's Financial Services Industry Is Banking on AI

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Increasing market competition and economic uncertainties are prompting banks to re-examine customer needs and business processes in order to improve service aptitude and operating efficiency. Banks' massive data accumulation in financial transactions, customer portraits, market analysis and risk control provide a great environment for AI to flourish. In 2018, Chinese financial institutions invested about CN¥160.4 billion (US$23 billion) in technology, an increase of 10 percent over 2017, of which AI hardware and software-related investment accounted for 10.4 percent. The banking industry was the biggest investor in AI-related applications, accounting for 70 percent of all market purchases. A wide range of software programs, including those tasked with precision marketing and intelligent risk control platforms, accounted for two thirds of Chinese banks' AI purchases.


Thoughts on sustainability from the big consulting firms at ValueX

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The morning session at SAP Ariba/SAP Fieldglass ValueX left us with some thoughts from the big consulting firms about the way procurement, and indeed business, should and will go in the coming years if we are to survive the pace of technological change the world is experiencing, and adapt our processes to respect our planet. The keynote called for a reboot of capitalism and (the environment), championed by John Penrose MP. Deloitte was quick to follow with a look at Industry 4 (automation, data exchange, cyber-physical systems (CPS), the internet of things (IoT), industrial internet of things (IIOT), cloud computing, cognitive computing and artificial intelligence and so on) in the context of procurement. They reminded us that the fourth industrial revolution is not, however, just about a collection of technologies, rather how you package and use them altogether to support your long-term business strategy. A global Deloitte survey revealed that 94% (of respondents) saw implementing digital tech and processes (aka digital transformation) as a means just to'keep up' with the rest of the marketplace.


Thoughts on sustainability from the big consulting firms at ValueX

#artificialintelligence

The morning session at SAP Ariba/SAP Fieldglass ValueX left us with some thoughts from the big consulting firms about the way procurement, and indeed business, should and will go in the coming years if we are to survive the pace of technological change the world is experiencing, and adapt our processes to respect our planet. The keynote called for a reboot of capitalism and (the environment), championed by John Penrose MP. Deloitte was quick to follow with a look at Industry 4 (automation, data exchange, cyber-physical systems (CPS), the internet of things (IoT), industrial internet of things (IIOT), cloud computing, cognitive computing and artificial intelligence and so on) in the context of procurement. They reminded us that the fourth industrial revolution is not, however, just about a collection of technologies, rather how you package and use them altogether to support your long-term business strategy. A global Deloitte survey revealed that 94% (of respondents) saw implementing digital tech and processes (aka digital transformation) as a means just to'keep up' with the rest of the marketplace.


AI in Supply Chain: Optimizing The Value Chain

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The main objective of any supply chain remains to be the management of inventory, from procurement to supply the right product at the right time in the right place. And, for traditional supply chain companies, it has always been a challenge to achieve it as they focus majorly on optimizing a particular segment of the supply chain, rather than optimizing the entire value chain. This limits their operational efficiency to meet the need for granularity in customers' unique expectations. Artificial Intelligence (AI) can help supply chain companies in breaking the silos to reinvent their operational models. AI in the supply chain helps companies in procuring and processing large datasets and provides better visibility within the supply chain.


AI Contract Management Company Evisort Raises $15M to Drive Next Phase of Growth LawSites

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It has been quite a year for legal tech startup Evisort. Twelve months ago this week, the company introduced its flagship product, Document Analyzer, a cloud-based AI and text-mining application that helps enterprises analyze and manage their contracts. At the time, I wrote that it "might just be the hottest legal tech and AI company you've never heard of." After launching with angel funding from Amity Ventures, an early-stage venture capital firm, and Village Global, a VC firm whose backers include Bill Gates, Mark Zuckerberg, Jeff Bezos and Reid Hoffman, the company earlier this year raised another $4.5 million in seed funding. Now today it is announcing that it has closed a Series A funding round of $15 million.


SC Hurdles and the IoT - Connected World

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We are just about at the end of the year and readying ourselves to make predictions for the new decade, but before I start to do that, I thought we should look at what's been happening in procurement, supply chain, and how the IoT (Internet of Things) is making an impact on business processes. This past weekend was pretty remarkable for the retail industry. Black Friday sales topped a whopping, $7.4 billion. It's not surprising almost $3 billion of those sales were conducted digitally using a computers, tablets, and smartphones. So just how important is technology in this race to capture consumers and businesses?


5 ways in which AI is disrupting procurement - CPOstrategy

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In a world awash with a seemingly never-ending list of technology buzzwords such as automation, machine learning and Artificial Intelligence (AI) to name a few, AI is one such technology that is moving away from simple hype and stepping closer to reality in procurement. This featured in the August issue of CPOstrategy – read now! Procurement, by its very nature, is tasked with handling huge quantities of spend and with spend comes spend data. Often described by leading CPOs as a repetitive task, understanding and sorting that spend data is now being achieved through the implementation of AI. Through the use of AI, procurement teams can remove human error, increase efficiency and realise greater value from spend data.