LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement intelligence advisory firm, has announced the completion of their most recent whitepaper on how procurement intelligence helps businesses reinvent their value chains. Procurement officials of leading organizations are now looking at leveraging solutions that utilize AI to streamline processes and improve decision-making across their supply chain.
In today’s competitive market scenario, procurement intelligence is the key to establishing long-term strategic plans. Moreover, implementing AI in supply chain functions helps businesses to innovate and grow faster. However, businesses need to understand how to harness maximum benefits of AI to gain a competitive advantage.
According to the procurement experts at SpendEdge, “Procurement technology vendors are increasingly focusing on developing solutions that use AI including cognitive procurement advisors (CPAs) and virtual personal assistants (VPAs) that help in increasing business efficiency.”
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Best practices to reinvent value chains with the power of AI:
- Supply management – It is essential to monitor supply chain processes to ensure the supplier-relationships are bringing in value to the organization.
- Machine learning & risk management – Machine learning techniques help firms to uncover new trends and key data relationships, which in turn assist in risk reduction.
- Natural language processing (NLP) – NLP plays a significant role in streamlining auditing and compliance actions.
- To read more, download this whitepaper
Download the complete procurement intelligence whitepaper here:
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.