AI-Powered Procurement: Transforming Efficiency, Agility, and Resilience in Supply Chains
Author(s): Bhanu Raju Nida
Publication #: 2502084
Date of Publication: 28.02.2025
Country: USA
Pages: 1-8
Published In: Volume 11 Issue 1 February-2025
DOI: https://doi.org/10.5281/zenodo.14945011
Abstract
Effective procurement methods are crucial, for boosting business efficiency; however traditional approaches often fall short due to their reliance on processes and disconnected systems that require intervention for decision making purposes. This research delves into the impact of Artificial Intelligence (AI) in revolutionizing procurement practices. Modern AI driven tools such as machine learning algorithms and natural language processing (NLP) along, with predictive analytics capabilities are evaluated for their ability to streamline tasks promote decision making and offer instantaneous valuable insights. This study investigates the flaws in purchasing systems and delves into AI driven models that highlight the measurable benefits of integrating AI into procurement procedures. The key discoveries reveal improvements in effectiveness, cost savings and risk control supported by real world examples and performance metrics. This research provides perspectives, for industry experts and scholars looking to enhance procurement operations through AI approaches.
Keywords: Artificial Intelligence (AI), Machine Learning (ML), Procurement, Digital Transformation, Big Data Analytics, Smart Technologies
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