8 Steps to Get Your Procurement Organization AI-Ready
Your Ultimate Guide
Artificial intelligence (AI) solutions seem to be popping up everywhere—with many procurement pundits reporting that more than half of the world’s supply chains, procurement organizations, and financial professionals are already preparing to make major investments in AI over the next several years.
AI is already being used in many procurement applications such as spend analysis, strategic sourcing, contract management and risk management. However, this is just the tip of the iceberg. Many service providers, like JAGGAER, are integrating more sophisticated AI-functions into their product solutions. This means procurement leaders need to start preparing now if they expect to be poised to benefit from these technological advancements.
But with autonomous procurement still another five years down the road, why do you need to start leveraging AI technologies now?
Because like human brains, smart technology needs time to train and learn from your organization’s behavior to reach its full potential. So, if you start preparing your people, data (large amounts of data), and processes today, you’ll be far ahead of the curve—and the competition—by the time AI in procurement goes mainstream.
To help jump-start your AI journey, we've developed a checklist with the five key activities you and your procurement team need to start working on today:
Collaboration Strategy—Who you need to team up within your organization to define where AI should be used and why
Process Automation & Optimization—Defining risk tolerances of automated processes
Data Integration—What you need to do to your data to ensure it is ready to use with an AI-based procurement solution
Change Management—Training that is mission-critical to ensure proper implementation and adoption of a software solution
Costs & ROI—Identifying the costs, benefits, and ROI from implementing AI
As you move through this checklist it is vital to work closely with your service provider to ensure you both are focused on the key issues for your business.
Don’t wait to invest in AI!
Smart technologies are already here and have made their way into many procurement processes. Now is the perfect time to get ahead of the curve by preparing for AI in procurement in your organization.
Download the free AI-ready checklist now!