Generative AI Applied to Sourcing and Procurement: 3 Use Cases
Date
2023-01-30Author
Rajani, Vinay
Deng, Mike; Deloitte Consulting LLP
WSJ
Abstract
Advancements in generative AI are revolutionizing digital procurement tools, streamlining processes and enhancing decision-making. Vendors are integrating generative AI to simplify user experiences, provide end-to-end data analytics, and offer recommendations. High-impact use cases include contract review, category strategy generation, and guided buying, where generative AI tools are expected to reduce manual efforts and increase efficiency. Successful adoption involves prioritizing use cases, identifying technologies, preparing data meticulously, piloting implementations, and building robust foundations for integration. Generative AI has the potential to fundamentally transform procurement by minimizing non-value-added tasks and maximizing user productivity.