November 2024 | Reading time: 5 Min.
What will purchasing look like in the future? Digitalization is opening up new ways for companies to make processes more efficient, intelligent and strategic. Artificial intelligence (AI) is at the heart of this transformation. With Augmented Procurement, an approach that combines the strengths of humans and AI, procurement is developing into a driver of innovation and value creation. But what exactly is it all about and what benefits does AI bring to your company?
Recurring tasks such as searching for suppliers or negotiating prices take up time that could be better invested in strategic projects. AI-supported platforms take over these activities, freeing up time for topics that promote innovation and growth.
The optimization of purchasing processes is also a key advantage. AI systems analyze price trends, evaluate purchasing options and identify potential savings. These optimizations have a positive impact on the company's results. With a clear strategy based on data, procurement is not only made more efficient, but also future-proof.
AI not only makes procurement more efficient, but also more forward-looking. AI systems combine internal and external data to create precise forecasts that facilitate strategic planning.
From assessing geopolitical risks to analyzing commodity prices: AI makes it possible to identify trends at an early stage and act accordingly. The digitalization of procurement gives companies unprecedented planning security and strengthens their competitiveness.
Can AI replace people? No - and that is not the intention. Augmented Procurement relies on collaboration. AI acts as a reliable assistant: it takes over tedious routines and repetitive tasks, while procurement professionals focus on creative and strategic issues. This creates new synergies in which technology complements human skills rather than replacing them.
Augmented Procurement takes the digitalization of procurement to a new level. It is not about automation alone, but about a well thought-out combination of human expertise and machine efficiency - an approach that is also referred to as Procurement 4.0.
For AI to reach its full potential, data from different sources must be seamlessly connected. Systems such as ERP and eProcurement solutions as well as external databases form the basis for comprehensive data analysis. This integration is the only way to gain valuable insights that can be turned into actionable strategies.
Companies that focus on digitalization trends in procurement benefit from the rapid implementation of such platforms. With the right preparation, the introduction of an AI-supported procurement platform becomes a worthwhile investment.
The digitalization of procurement and the transformation to Procurement 4.0 are key topics at the Procurement Summit. Find out how AI-supported data platforms optimize processes, support strategic decisions and make companies future-proof. Meet leading providers of ERP and eProcurement solutions to revolutionize your procurement!
Download Procurement Summit App
