Procurement teams are under pressure to do more with stagnant budgets and rising inflation, a challenge exacerbated by outdated software systems. Research from RS and CIPS reveals that 62% of procurement teams see inflation as their main obstacle. These professionals are juggling multiple responsibilities like sourcing, contract negotiation, and supplier risk management while struggling with inefficient legacy systems. The solution lies in AI agents, which automate tedious tasks such as contract discovery and RFP drafting, allowing procurement teams to focus on strategic activities like supplier relationships and decision-making. These agents work autonomously within defined workflows, significantly reducing the time spent on manual tasks. Incorporating AI in procurement can streamline operations, making processes faster and more efficient. By leveraging unified data and modern systems designed for AI, procurement teams can enhance their capabilities, drive better business outcomes, and create long-term value while managing risks effectively.
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