AI can increase stability, resilience of suppliers
Enterprise data and generative AI tools can help procurement and Supply Chain organizations stay stable and resilient as they help speed up response times, reduce manual labor, increase end-to-end visibility, optimize operations and improve decision making and agility, writes Gregor Stuhler, CEO of Scoutbee. "AI can process vast amounts of data to establish patterns and predict implications light years ahead of what humans are capable off," Stuhler writes.
Full Story: Forbes (tiered subscription model)
Procurement has a great future ahead of it, thanks to advancing procurement technology, the growth of AI, and a stronger, more strategic footing. However, the questions remains: Are businesses adequately prepared to enter this brave new world?
For many organizations, it's a case of Procurement in name, but Purchasing in mindset still. Legacy industries around the world are, in many ways, dominated by a more traditional mindset when it comes to Procurement. If you work in an organization with this mindset, what steps can you take to precipitate change?
Full story: Procurious
Al's mapping and inventory management increase visibility that can improve efficiency and may help reduce the 50% of total product costs that supply chains often account for, says Konstantin von Bueren, co-founder of Procure Ai. AI also can reduce risk and offer ways to empower employees, von Bueren says, noting several other benefits.
Full story: Procurement