AI is set to reshape the procurement profession in many ways – and it is doing so already.
By leveraging the power of AI, procurement professionals can streamline processes, unlock valuable insights, and drive strategic decision-making.
Now a recent funding announcement has shown AI could influence how procurement professionals strike better deals through a specialised training platform which includes virtual reality technology and avatars.
Billed as a landmark development for the procurement profession, L’AvenirAI, the world’s first AI-driven procurement negotiation training platform, has secured a significant investment from Dyson-Kissner-Moran Corporation (DKM). The Dyson-Kissner-Moran Corporation is a privately-owned, international holding company founded in 1954.
L’AvenirAI aims to revolutionise the way procurement professionals approach negotiations, harnessing the power of AI to enhance skills, drive efficiency, and shape the future of procurement.
Negotiation lies at the core of procurement, and the introduction of AI technology has the potential to transform the negotiation landscape, L’AvenirAI claims.
The system uses cutting-edge AI algorithms and machine learning techniques to analyse vast amounts of negotiation data, identify patterns, and provide actionable insights. Resources include tools, gamification and a knowledge centre to navigate complex negotiations, optimize outcomes, and drive value creation.
Users can simulate real-world negotiation scenarios through virtual simulations. Procurement professionals can gain hands-on experience, refine their negotiation strategies, and explore different approaches.
AI algorithms analyze individual performance, provide personalized feedback, and suggest areas for improvement, empowering professionals to enhance their negotiation skills and achieve better outcomes.
L’AvenirAI’s AI-driven platform also offers advanced analytics capabilities, allowing procurement professionals to gain deeper insights into their negotiation processes.
AI in negotiations is not a new development, with Walmart having deployed AI-powered negotiations software with a chatbot to engage its suppliers. The chatbot negotiated and closing agreements with 68% of suppliers approached and AI has helped Walmart’s negotiators deal with its 100,000-plus suppliers (Remko Van Hoek, professor of supply chain management at the University of Arkansas.)
