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Generative AI (GenAI) has been a game-changer in procurement, providing organizations with the means to streamline processes, improve customer experience, cut costs, enhance supplier risk management, and accelerate innovation. GenAI has the potential to reshape procurement’s operating model; it is estimated that 50�80 percent of current procurement work can be automated, eliminated, or shifted to self-service models through the adoption of GenAI. Although adopting generative AI comes with challenges, such as the inability to pivot legacy applications, lack of the right talent, regulatory uncertainties, and ethical concerns, the benefits of a successful GenAI program can be far reaching and include:

Enhanced customer experience: Create highly personalized content and experiences for individual requisitioners, department or functional leaders, and even suppliers.

Increased efficiency and productivity: Automate many procurement activities, which enables greater use of self-service.

Greater accuracy and quality: Analyze copious amounts of data to identify patterns and insights, and achieve more accurate and effective results.

Greater innovation: Develop new products, service offerings and capabilities by identifying and tapping innovation in the supply base.

Supplier performance and risk: Realize the full value of supplier relationships by enhancing the management of supplier performance and risk.

Download our new report to learn how GenAI can enhance your procurement process, and strategies for overcoming challenges in GenAI implementation.