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A practitioner s view of AI in procurement – Are we there yet?

A practitioner s view of AI in procurement – Are we there yet?
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The future of AI-enhanced third-party management

Compliance and risk management is a growing and interesting use case of GenAI for procurement, finance and, of course, legal operations. The technology opens up a wealth of capabilities not previously possible for the procurement practitioner in terms of data availability, end-to-end visibility, cost, time and risk reduction, and ultimately the overall health of the third-party network. Its uptake is only going to grow as organizations begin to rely on its power to tackle big business issues, such as third-party risk management (TPRM).

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Q1 2024 Insider roundup: A deep dive into AI; following procurement tech market movements; updated coverage of 18 vendors

Throughout the year our analyst team provides vendor-specific profiles and tech solution analyses as part of Spend Matters Insider content. Our coverage also explores the latest thought leadership topics about procurement and supply, the technology that serves it and comparative analyses based on demos and the scoring of 500+ RFI requirements across 12 source-to-pay (S2P) categories that create our Vendor Ranking data. In this roundup of Q1, we review the Vendor Analyses and other Insider content that the team produced in the previous quarter. We then look ahead to what members can expect in the coming months.

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2024 procurement tech vendor insights series — Analyst wrap up

We recently concluded our annual insights series, which, throughout the months of December and January, gives insights for the year ahead from procurement-related tech and service providers. Our respondents gave us their observations on 2024 and how they anticipate them shaping the market in the year to come. It has been a fascinating read, and our senior analyst Bertrand Maltaverne has the privilege of wrapping it up and adding his own observations.

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Analyst Eye on the 6 paths to GenAI implementations in procurement

Incorporating AI into business processes can unlock unparalleled insights and efficiency; we know that from the numerous solution demos we’ve witnessed. Two main trends appear to be driving the development and use of GenAI among the vendor community: 1) they can’t afford not to, and 2) the reality that Gen AI (especially ChatGPT) is opening new possibilities for procurement operations. The reality is that everyone wants to leverage AI and GenAI in particular. According to our analyst Bertrand Maltaverne, there are six evolutionary steps to getting there.

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