You can’t go anywhere these days without hearing about AI. It’s all around us, from self-driving ride shares to Facebook using facial recognition to know which of your friends you just uploaded a picture of. But you might not know how AI is already impacting the procurement space. Think of all the things that frustrate you about your current indirect procurement process: disjointed and unstructured operations, multiple systems, and no visibility into your spend –...
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There are many challenges for achieving supplier rationalization and standardization. A typical tactic deployed by procurement organizations is trying to reduce the variety of similar items that the organization purchases. The reasons for this rationalization go beyond cost savings and can include: Supplier diversity initiatives Supply mitigation and management Going green Ultimately, standardizing is not as easy as it may first appear. Take, for example, an organization with multiple manufacturing plants, each of which buys tens of...
The procurement and sourcing software firm Xeeva has announced an investment of more than $40mn led by PeakEquity Partners that it says will promote AI as “the future of procurement”.