In a world where technology is increasingly interwoven into the fabric of our lives, the transformational shift in how deals are negotiated and executed is a testament to our times. Welcome to the dawn of autonomous negotiations, a cutting-edge approach that stands poised to redefine the art and science of deal-making. The concept of […]
Negotiation 2.0 How AI is Changing the Landscape of Deal-Making Read More »
In today’s rapidly evolving business landscape, businesses stand at the brink of a digital revolution. The procurement landscape is no exception to this paradigm shift. Fueled by transformative capabilities, Generative AI is emerging as a game changer for sourcing and procurement. Since the advent of ChatGPT last year, generative AI has been a popular topic
How Generative AI is changing the Landscape of Sourcing Read More »
Controlling costs and optimizing spending is the bedrock of business profitability, and an overlooked facet of this mission often lurks within the depths of ‘maverick spend’. It’s a term that refers to uncontrolled, unmanaged purchasing within an organization – often side-stepping procurement protocols and negotiated contracts. This can lead to increased costs, lack of visibility,
Cost-Saving Secrets: Effective Ways to Combat Maverick Spend Read More »
In today’s construction industry, companies are increasingly shifting towards AI-powered procurement software to streamline their sourcing processes and manage contracts more effectively. With its ability to automate manual tasks, augment human capabilities, and leverage cutting-edge technologies such as machine learning and big data analytics, this emerging technology has the potential to dramatically transform construction
How is AI Changing the Landscape of Procurement in Construction? Read More »
The past three years have been quite unstable for the global economy and have drastically increased the volatility of commodity prices. Right from the COVID-19 pandemic, the war in Ukraine, the impending global recession, the inflation, up to the central bank rate hikes – all of them have contributed to the turbulence in the economy.
How to Manage Commodity Price Risk? Read More »
In the past two years, procurement teams across industries have played a critical role in enabling businesses to tackle COVID-19 challenges. However, this has not been easy as there are several factors that have made procurement all the more challenging. Identifying and onboarding stable strategic suppliers with a low-risk profile, redesigning procurement to meet volatile
How has Artificial Intelligence Redefined Sourcing Optimization? Read More »
For a goal-driven procurement function, data is everything. Procurement professionals mine data from their tools and systems and run several analyses to analyze spending, create benchmarks for suppliers, and formulate a sourcing strategy that is in tandem with their business objectives. But how does the procurement function aggregate, manage, and process the required data to
How are Smart Bid Sheet Builders replacing Microsoft Excel? Read More »
From time immemorial, negotiations have been an integral part of any trade. A good negotiator can pave the path towards closing a deal at the most beneficial terms and conditions. No wonder, enterprises assign the task of closing the deals to their ace negotiators. However, human negotiators have their own disadvantages in numerous ways and
Leveraging AI to Ace Negotiations Read More »
In the age of strategic sourcing, a supplier is not just another stakeholder. Suppliers are success partners who need tools to quickly communicate with buyers and stay in the loop. By offering user-friendly communication tools, organizations can step up their game and eventually achieve the goals of strategic sourcing. To facilitate this, enterprises build proprietary
Improving E-Sourcing Product Adoption Through WhatsApp and Excel Read More »
Today procurement teams receive hundreds of requirements on a daily basis from departments all over their organizations. With decision-makers aiming to curtail unnecessary spending and improve savings, procurement teams are supposed to be more cautious and efficient while processing requirements. Every time, these teams are expected to optimize/(fulfill) each of the requirements, irrespective of the
Automating your Sourcing through AI Read More »
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