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Procurement has historically lagged in technological advancements, often overshadowed by sales and marketing. However, with the rise of Generative AI, procurement teams are beginning to embrace its potential, with 24% of UK businesses already implementing it in supplier management. The efficiency gains from Gen AI are significant, with organizations reporting a 44% reduction in manual processes.
To fully leverage Gen AI, organizations must first digitize their procurement processes, as poor digitization hampers efficiency and data quality. A unified data approach is essential for successful Gen AI implementation, allowing procurement teams to automate tasks and focus on strategic activities. As companies digitize, they can expect Gen AI to enhance decision-making and operational efficiency.
• 24% of UK businesses have adopted Gen AI in procurement.
• Organizations report a 44% reduction in manual processes with Gen AI.
Generative AI refers to algorithms that can generate new content or insights based on existing data, enhancing procurement efficiency.
Digital transformation involves integrating digital technology into all areas of a business, crucial for effective Gen AI adoption in procurement.
Data quality refers to the accuracy and consistency of data, which is vital for effective Gen AI insights in procurement.
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