SIG University Certified Sourcing Professional (CSP) program graduate Lauren Redden shares an excellent essay on the power of AI to transform the smart sourcing industry, in balance with the potential risks that companies must evaluate in employing more intelligent automation into their processes.
One of the lessons that I found most interesting in the Certified Sourcing Professional Program through SIG University was in Week 4 regarding Artificial Intelligence (AI). The rapid advancements in AI have notably impacted various business functions, including procurement and sourcing. Businesses and organizations continue to strive to enhance efficiency, reduce costs, and gain a competitive edge, and AI technologies have begun to revolutionize the procurement landscape. In this paper, I will highlight the effects of AI on reporting, outsourcing, and contract management as we learned in the lessons. Additionally, I will examine the risks associated with adoption and the process to adapt it to existing procurement practices.