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.”
a free proposal to see how SpendEdge’s procurement solutions
can help you.
The following are a few impacts of using AI in
- 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
Download the complete whitepaper on artificial intelligence here:
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excellence. We are a preferred procurement market intelligence partner
for Fortune 500 firms and other leading companies across numerous
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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.
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