LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement intelligence advisory firm, has announced the completion of their most recent whitepaper on the role of artificial intelligence in transforming procurement functions. Artificial Intelligence (AI) helps in improving the forecasting accuracy of the end customer’s demand for finished goods and material requirements from the supply chain. Additionally, AI helps in identifying new market opportunities, tracks exchange rate volatility, and also assists in effective risk management.
In today’s competitive business scenario, artificial intelligence plays a major role in identifying market growth opportunities for businesses operating in various sectors. Artificial intelligence also helps businesses in improving the procurement efficiency in areas such as spend analysis and contract analysis. This has prompted a number of firms to adopt a dedicated procurement intelligence solution to reap the essential benefits of AI.
According to the procurement experts at SpendEdge, “Artificial intelligence is already making significant inroads in procurement functions since there is no area in business operations which is exempt from the potential benefits of AI.”
Request a free proposal to see how SpendEdge’s procurement solutions can help you.
The following are a few impacts of using AI in procurement processes:
- Automation of procurement processes – Using artificial intelligence, it is possible to automate even the most complex and labor-intensive tasks; thereby, saving time and energy.
- Strategic sourcing – AI possesses the capability to learn from sourcing patterns and behaviors to make supplier recommendations, predict market prices, and identify potential vendors.
- Detecting patterns – Artificial intelligence assists enterprises in identifying anomalies in data sets. It includes determining discrepancies in the costs of services, unusual order frequencies, and other similar functions.
- To read more, download this whitepaper
Download the complete whitepaper on artificial intelligence here:
Get unlimited access to all our reports. Our Insights platform provides ready-to-use procurement research reports, latest supplier news, innovation landscape, markets insights, supplier tracking, and much more at the click of a button. Start your 14-day trial now.
SpendEdge shares your passion for driving sourcing and procurement excellence. We are a preferred procurement market intelligence partner for Fortune 500 firms and other leading companies across numerous industries. Our strength lies in delivering robust, real-time procurement market intelligence that helps sourcing and procurement professionals make informed decisions. These innovative procurement solutions help enterprises transform structural capabilities, improve execution efficiency, and fast-track time to savings.