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Procurement urged to adopt AI
Procurement leaders are being urged to adopt gen AI after research by Globality (www.globality.com), the market leader in autonomous sourcing, and leading industry advisors, Art of Procurement reveals over 60% of procurement professionals believe their organizations need to pilot solutions using the game-changing tech by the end of the year.
In the research, 92% of procurement leaders say maximizing savings from their indirect spend is a top priority, with 86% identifying automation of their sourcing model as important to their ability to cut costs.
“The message from sourcing leaders is clear – they want their companies to start using gen AI-powered solutions right now to help them work more productively and efficiently, enabling procurement teams to do more with less and deliver instant improvements to the bottom line,” says Seth Catalli, Chief Revenue Officer, Globality.
“AI-powered autonomous sourcing technology automates repetitive, manual processes and frees up procurement to become business partners, adding real strategic value to the organization through deal-making, and improved internal and external collaboration.”
Nearly 90% of respondents say adopting gen AI will enable procurement to become more strategic in the future with the remaining 10% of the view that the technology will go as far as to replace the function entirely and manage a company’s spend by itself.
The research also found that 61% of respondents say they see the main benefits of gen AI-powered sourcing will provide intelligent insights on complex sourcing categories, while one in five want it to scope accurate briefs more quickly and 14% are focused on using the technology to drive supplier negotiations.
Conducted among 380 procurement professionals in Q3 2023, the primary business objectives identified by respondents for gen AI-powered technology include: reducing OpEX (cited by 34% of respondents); the ability to deliver faster speed to market (25%); and 18% say reducing supplier costs is a strategic goal for their organization
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