AI's emergence in strategic business functions: Is procurement getting left behind?

50 percent of respondents to a recent McKinsey survey reported that their companies adopted artificial intelligence (AI) in at least one business function in 2020. As interest and investment in AI and machine learning (ML) continue to grow across different business functions, is Procurement keeping pace with its business unit counterparts? Procurement value generation is heavily dependent on fast access to accurate data; while other business functions are automating decisioning using AI, in many organizations today Procurement is still working manually just to collect and clean source data before even getting to the decisioning stage. Procurement teams require investment and… [Continue Reading]