Read the full report to find out why procurement needs to adopt AI-powered sourcing technology to drive cost savings and efficiencies, and also allow the business to ‘self-serve’ so that procurement teams can focus on more high-value strategic initiatives: 

• Procurement organizations that do not embrace AI technologies will find themselves at a cost and agility deficit compared to their competitors.
  
  
• Organizations will have the ability to run more sourcing events, driving incremental cost reductions to the bottom line while increasing policy compliance. These advantages will give them competitive advantage.
  
  
• AI will dramatically change how work is done through skill augmentation, allowing people with little proficiency to execute at par with a relatively well-skilled procurement practitioner. 
  
  
• Interest in AI use cases for procurement has increased by 17 times in 2023 versus 2022.
  
  

Predicts 2024: CPOs Adjust to Technology’s Impact on Procurement by Micky Keck, Kaitlynn Sommers, Naveen Mahendra, Ryan Polk, Meghan O'Doherty, Lynne Phelan, Fareen Mehrzai 4 January 2024

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.