AI and Machine Learning: Which is which, and what does it mean for your business?
These days, you hear everyone talking about Artificial Intelligence, or AI, and Machine Learning when it comes to managing data. But what do these terms really mean for your business? And how can AI and Machine Learning help you organize and optimize your procurement data? Here, we go beyond the buzzwords to explain what AI [...] Read More3 Reasons Why AI in Procurement is a Game-changer
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
Read MoreBring More Spend Under Contract with AI
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
Read MoreFinding New Opportunities to Aggregate Supplier Demand with AI
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
Read MoreUsing AI to Turbo-Charge Supplier Negotiations
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
Read MoreIntroducing Suplari: the AI-Driven Intelligence Platform for Procurement and Finance Teams
About five years ago, during the golden age of Big Data, I was an executive at two real estate technology companies Market Leader & Trulia. All the information we needed existed within the walls of the company, but accessing and analyzing that data was another matter. There were too many enterprise systems, and too few … Read More
Read MoreSix Time-Wasters in Procurement
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. Using Time More Wisely Smaller teams and better results? Perhaps they’ve managed to escape … Read More
Read MoreThree things CPOs should stop doing… NOW.
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
Read MoreWhy Procurement’s Future is in the Long Tail
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
Read MoreAI vs Spend Analytics: An Honest Comparison
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
Read MoreWebinar: Oct. 30: Data Gathering, Cleansing, and Categorization – Watch On Demand
Webinar: Nov. 14: Gather Analytics Across Spend, Purchasing, and Contract Data – Watch On Demand
Webinar: Dec. 5: Drive Insights and Identify Opportunities – Watch On Demand
Webinar: Dec. 19: Manage Opportunities with Playbooks – Register Now
Artificial Intelligence Essentials – What Finance and Procurement Leaders Need to Know
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Top 5 things you can do with AI in Procurement.
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