Artificial Intelligence has become a rage in modern times. With applications touching every aspect of human life from
business to leisure, this new-age phenomenon is sure to set the stage for the future of technology.
That being true, it is of grave importance for large enterprises, especially in businesses, to delve deep into the
benefits that AI can offer in their respective scenarios. Drawing tangible value out of evolving concepts is critical to put any organization on its progress path early on. This is especially true for procurement as it is being looked at as a strategic cornerstone and goal accelerator in the long run.
So how does one identify the right procurement technology vendor for problems specific to ones’ business goals,
industry, supplier network & long-term strategy? Here are a few filters one can apply when looking for a vendor:
1. Long-standing industry experience:
A vendor that has sustained a long industry run is the best to opt for. Such vendors have had the wisdom to foresee the futuristic demand in AI and were brave enough to take the necessary risk to invest in tech development in this direction. Such vendors would have witnessed the transformation that AI can bring, built products with intelligent real-time data gathered over the years, have happy returning customers & are thus ahead of the learning curve with respect to their competitors.
2. Leadership in analyst circles:
Analysts like Gartner & Forrester are powerful equalizers for product prowess. These analysts follow strict
benchmarking processes and present a realistic image between product potential and business or industry needs. A vendor
that continuously finds itself amongst analyst mentions is the one who understands this balance well and works
tirelessly to achieve it.
3. Driving AI adoption with ease of use:
CPOs find it challenging to comprehend the strategic value that AI can deliver when applied in areas like eProcurement,
Accounts Payable Invoice Automation, Spend Analysis, Contract Management, or Supplier Risk. Since AI is evolving, a
realistic expectation from procurement decision-makers thus is not to look for any magical transformation but start with
smaller and clearly defined challenges. A vendor that strives to educate you & assists you to clear the uncertainty
is probably the one who’s experimented with it before & is reliable for sure.
Know more about the best AI alternatives in procurement technology.