3 Reasons Why AI in Procurement is a Game-changer

November 1, 2018By Mari StromBlog

Wasted time. Missing invoices. Late payments. Finding out you were charged how much for what? Procurement is a necessary and immense part of any business. Managing, monitoring, and crunching numbers from that part of your business probably takes a lot of time and effort. In fact, organizing and cleansing your spend, purchase, and supplier data … Read More

Bring More Spend Under Contract with AI

October 24, 2018By Mari StromBlog

 AI in Procurement can give enterprises real-time visibility into supplier spend to quickly identify missing contracts to reduce spend, negotiate better terms, and improve compliance. Procurement organizations use a set of criteria to determine if the spend with a supplier should be governed by a contract. Every organization defines that threshold differently, yet only a … Read More

Finding New Opportunities to Aggregate Supplier Demand with AI

October 18, 2018By Mari StromBlog

Enterprise companies can leverage AI in Procurement to quickly connect their spend and contract data to surface opportunities for demand aggregation. With increasing labor rates and the rising cost of fuel, freight and raw materials, finding opportunities to reduce spend is becoming more difficult by the day. Aggregating the spend for each supplier under one … Read More

Using AI to Turbo-Charge Supplier Negotiations

October 10, 2018By Mari StromBlog

When it comes to re-negotiating your supplier contracts, timing, and the right data, is everything.  This is where using AI in Procurement comes in handy. With AI, Enterprises can quickly gain the information they need to avoid unwanted renewals and strengthen their negotiating position to get the best deals. For a suspense novel or a … Read More

Six Time-Wasters in Procurement

June 18, 2018By Niki ParekhBlog

Could your team use another hand or a few extra hours in the day? It’s easy to feel understaffed in procurement, but maybe more help isn’t the answer: the Hackett Group found that world class procurement departments have 27% fewer employees. Instead, maybe time sinks are plaguing procurement departments. Using Time More Wisely Smaller teams … Read More

Three things CPOs should stop doing… NOW.

June 11, 2018By Niki ParekhBlog

Every sourcing team has limited bandwidth, and a Chief Procurement Officer’s work is never done. So it’s worth examining what is NOT required of the job. As procurement’s role becomes more strategic and AI tools enter the daily life of sourcing professionals, avoiding the wrong activities can be just as important as doing the right … Read More

Why Procurement’s Future is in the Long Tail

May 7, 2018By Jack QuarlesBlog

Why Procurement’s Future is in the Long Tail There may be no better example of the 80/20 rule than company expenses. List a firm’s vendors and the amount spent with each, sorted from largest to smallest, and there’s a good chance that the top 20% of vendors will represent at least 80% of the expenses. … Read More

AI vs Spend Analytics: An Honest Comparison

April 12, 2018By Jack QuarlesArtificial Intelligence, Blog

AI vs. Spend Analytics: An Honest Comparison If the difference between Spend Analytics and Artificial Intelligence (AI) in procurement is less than crystal clear in your mind, you are not alone. It’s almost as though whoever created these categories followed a recipe for confusion: Start with the name of a common activity Tweak that name … Read More

AI in Procurement: What you Need to Know Now

March 21, 2018By Jack QuarlesArtificial Intelligence, Blog

AI in Procurement: What you Need to Know Now These are exciting days in Procurement. Among us is a star that glitters, generates buzz, and steals headlines. Like many celebrities it is instantly recognized by just two initials—AI—but goes by other names including machine learning (ML), robotic process automation (RPA), and cognitive procurement. By any … Read More