Artificial intelligence is a sophisticated technology distinguished by its unique ability to adapt behavior based on data specific to the system in which its operating.

By introducing AI into procurement practices, organizations can streamline more complex processes that would otherwise require manual efforts.

The introduction of artificial intelligence has the power to advance the procurement process in numerous ways specifically procurement contract management by way of spending analysis, vendor matching and risk identification.

Contract ManagementIncorporating artificial intelligence throughout the procurement cycle can also help companies manage and assess relationships with current suppliers to ensure the partnership is adding value to the organization.

And as the market grows, so will AI’s role in procurement contract management as analyzing data won’t be the only way it contributes to contract discussions. | To read full story, visit https://startuparound.com/read/1583407820.126026/How-Artificial-Intelligence-Is-Advancing-The-Procurement-Process?ref=audio_experience