AI Set to Revolutionize Procurement Through Enhanced Visibility, Collaboration, and Efficiency Gains
• AI promises to transform procurement practices into new breakthroughs in supply chain resilience and forecasting volatility. Collaboration is key between academia, government, and industry to shape how AI drives efficiency.
• AI gives deeper visibility into demand signals, inventory, and constraints across supplier networks. It increases data trust between buyers and suppliers.
• AI facilitates better internal and external collaboration through demand forecasting, inventory planning, and production scheduling. This alignment drives major efficiency gains.
• We are moving toward AI-powered autonomous procurement that can handle repetitive tasks. This allows managers to focus more on strategic negotiations and supplier relationships.
• As AI speeds up, humans need to oversee the systems and ensure the right balance between automation and human judgment. Procurement works best when AI systems and human oversight are combined.