Generative AI has the potential to transform procurement activities. By optimizing routine tasks, expediting supplier matching, automating contract analyses as well as assisting in risk management, generative AI could be a game-changer for companies looking to transform their procurement operations.
By implementing a well-planned vendor onboarding process, you are setting yourself up for success from the very first day. Here are 4 common mistakes to avoid.
In the context of Procurement, this means establishing systems and procedures for your procurement processes to that are documented, transparent, controlled, and accountable. Having a high governance system in place ensures that goods and services that are sourced not only meet the organization’s goals, but are also compliant with legal, ethical, and commercial requirements.