Generative AI in Procurement: A Practical Guide

The tremendous excitement surrounding Generative AI (Gen AI) is permeating both our personal lives and nearly every business function, including procurement. As is often the case with groundbreaking innovations, the initial excitement surrounding them has yet to translate into a proportional business impact. However, unlike some past hyped technologies in procurement (i.e. blockchain, RPA...), we strongly believe the reality will match, possibly even exceed, the hype. And while it will take some time to realize the full potential benefits, real value is possible and being achieved today. There may not yet be truly mature organizations when it comes to Generative AI, but many have rolled it out to some level.

The questions we hear over and over from procurement leaders involve how to get started. What do I need to consider when purchasing and deploying technology? What use cases really work? How do I avoid making a mistake by rushing in carelessly? With so much hype and vendors promising different approaches and benefits, getting started can seem daunting.