I asked Chat GPT what the impact of AI would be on corporate procurement, here is what it said:
Artificial Intelligence (AI) is expected to have a significant impact on corporate procurement, as it has the potential to automate and streamline many of the manual processes involved in procurement.
Here are a few ways in which AI could impact corporate procurement:
- Automated Purchasing: AI can automate the purchasing process by analyzing data from various sources, including supplier catalogs, invoices, and contracts, to determine the best price, quality, and delivery options for goods and services.
- Supply Chain Optimization: AI can help optimize the supply chain by predicting demand, identifying potential bottlenecks, and recommending alternative suppliers or transportation routes.
- Risk Management: AI can help identify potential risks and vulnerabilities in the procurement process, including supplier financial stability, geopolitical risks, and supply chain disruptions.
- Data Analysis: AI can analyze large amounts of procurement data to identify trends, patterns, and opportunities for cost savings and process improvements.
- Contract Management: AI can help manage contracts by automatically reviewing and analyzing contract terms, identifying potential issues or opportunities, and providing recommendations for improvements.
Overall, AI has the potential to revolutionize corporate procurement by increasing efficiency, reducing costs, and improving the accuracy and speed of decision-making. However, it is important to note that AI is not a replacement for human expertise and judgment, and should be used in conjunction with human decision-making to achieve the best results.