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Masters in Business
The ROI Rules of AI: Procuring Success (Sponsored Content)
Dec 16, 2024
Procurement professionals face numerous challenges in sourcing essential suppliers. A new AI solution streamlines the onboarding process, allowing for supplier searches using plain English. Dun & Bradstreet’s partnership with IBM’s WatsonX AI is transforming the way data insights enhance supply chain management. This intelligent supplier search not only improves efficiency but also addresses customer needs through generative AI education. The podcast highlights how strategic partnerships and technology can lead to significant gains in procurement.
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Quick takeaways
- Integrating AI into procurement processes can drastically reduce inefficiencies, saving companies time and money during supplier assessments.
- Successful AI initiatives require collaboration across departments to align technology with business needs and enhance decision-making outcomes.
Deep dives
Enhancing Supplier Research Efficiency
Inefficiencies in supplier research can be significantly reduced with the application of artificial intelligence in procurement processes. Procurement professionals often face lengthy investigations to assess potential suppliers, considering factors such as financial health, legal issues, and ESG metrics. Dun & Bradstreet partnered with IBM to develop a natural language interface called Ask Procurement, which allows users to quickly gather essential information about suppliers. Early adopters of this AI-powered tool have reported reductions in the time spent vetting vendors by 10 to 20%, streamlining their decision-making processes.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode