Use of Artificial Intelligence in Managing Procurement
Artificial intelligence is one of the hottest topics in technology, but it is still a relatively new opportunity for Procurement. As we enter the Fourth Industrial Revolution, new technologies are becoming a powerful performance lever for companies.
However, some will play a more important role than others in the digital transformation of procurement. Among them, artificial intelligence (AI) in particular stands out.
In order to compete effectively in an increasingly complex global market, many companies of all sizes have embraced a variety of technologies as part of their pursuit of digital transformation.
But not every area of business has proven quite as eager to accept emerging technologies like artificial intelligence (AI), real-time analytics, or process automation. The implementation of artificial intelligence in procurement is rapidly transforming the way procurement organizations manage processes in this field.
Through the utilization of AI technology, procurement teams can achieve greater agility and precision in decision-making related to spend, suppliers, and risks, even for tasks that were previously unmanageable due to the inability to process numerous factors combined with vast data sets.
However, like any new technology, AI adoption in procurement presents challenges similar to those faced in other business areas. To successfully implement AI, organizations must focus on establishing a robust data foundation and creating adequate governance frameworks.
Nevertheless, looking ahead, it is clear that the future of procurement is predictive, and AI will continue to play a crucial role in helping organizations attain their procurement objectives. Although AI has had a slow uptake within the procurement sector, many players are starting to realize its potential in procurement and supply chain processes.
There is much interest in AI when we look at procurement as a whole. That’s why Procurement managers and officers have come to recognize the importance of integrating digital transformation into their procurement processes in order to drive their organizations as a whole to a stronger, more profitable footing.
And at the heart of this movement is artificial intelligence, a core component of several emerging technologies that promise to radically enhance strategic spending, shift procurement away from cost savings and toward value creation, and deliver powerful insights.
Staff and management of: program and project procurement units, Public Procurement Authorities, Auditor General’s offices, Procurement Professional bodies, National Chambers of commerce, Ministry of trade, Clearing and forwarding agencies, local governments, Statutory bodies, Procurement and supply chain organizations, Transport and logistics firms, Ministry of Finance, other Government ministries, different national procurement regulatory bodies, Bi-lateral and Multi-lateral agencies, Policy makers, implementers and monitors from the executive, legislature and judiciary, Private Sector Actors, Civil society actors, Corporate Investment Banks, Legal Advisors/State Attorneys and Equity Investors
In this short course program, participants will learn how procurements can be managed in much better efficient, effective, economic, professional, resilient, innovative, productive, profitable and sustainable using artificial intelligence in the fourth industrial revolution.
The management of such procurements should be in line with key national priorities to ensure Value for Money needed to generate the required revenue that can be used to ensure improved services to the citizens.
- US$ 1,600 – South Africa
- US$ 2,300 – Dubai
To cover tuition and training materials only.