AI in Procurement: A Path to 60% Efficiency Gain and Flawless Processing Accuracy

AI in Procurement: A Path to 60% Efficiency Gain and Flawless Processing Accuracy

Harnessing the Power of Generative AI for Procurement Excellence: A Recap of TeBS Webinar 

9 May 2024: TeBS recently hosted an impactful live webinar titled “AI in Procurement: A Path to 60% Efficiency Gain and Flawless Processing Accuracy.” This event drew businesses from various sectors eager to explore the transformative power of Generative AI (GenAI) in enhancing procurement processes. The engaging webinar provided a deep dive into how artificial intelligence is revolutionizing the field, leading to substantial improvements in efficiency and accuracy. 

The webinar kicked off with a deep dive into the challenges of manual procurement processes. Participants explored common pain points such as wasted time, communication errors, and inefficiencies plaguing traditional procurement methods. Through interactive discussions, attendees gained valuable insights into how AI can alleviate these challenges, paving the way for streamlined operations and enhanced productivity.  

The panel featured esteemed experts such as Arun Kumar, TeBS’s Chief Technology Officer, who emphasized the crucial role of digital transformation in today’s business operations. Arun’s insights into IP development and innovation set a robust foundation for understanding how AI could dramatically reduce processing times and shift the focus of teams towards more strategic initiatives. 

Partner Solution Architect at TeBS, Hilda Nguyen, brought her expertise with the Power Platform into play, illustrating how dynamic, low-code solutions can facilitate rapid digital transformation in procurement. She highlighted how AI tools could seamlessly generate purchase orders, forecast purchasing needs, and optimize supplier management. 

Shruti Bidarkar, a Techno-Functional Consultant with a decade of cross-industry experience, tackled the technical challenges of integrating AI with existing systems like SAP ERP. She discussed strategies for enhancing and maintaining AI solutions internally with minimal disruption to current systems. Additionally, Shruti provided a compelling live demo, showing the practical application of AI in procurement workflows, which clearly demonstrated the potential for increased data accuracy and process efficiency. 

Hari Korrapati, an industry expert in sourcing and procurement, shared insights from his extensive experience in strategic sourcing and operational leadership. His real-world examples from managing studio facilities and productions underscored how GenAI could effectively transform strategic outcomes and operations. 

During the Q&A session, the panel addressed pressing questions from the audience about the integration of AI into their Procure-to-Pay (P2P) processes, detection and prevention of fraud, and ensuring compliance with regulatory requirements. The experts offered actionable advice on adapting existing ERP systems to accommodate new AI enhancements, emphasizing the importance of adaptability and continuous learning within teams to leverage technological advancements effectively. 

The webinar not only highlighted the efficiencies and benefits that AI brings to procurement but also addressed potential challenges and strategic considerations for successful implementation. The expertise shared by the panel resonated well with the audience, comprising procurement professionals looking to implement change within their organizations. This successful event further established TeBS’s leadership in driving business-driven digital transformation, empowering organizations to harness the full potential of Generative AI for procurement excellence. 

Related Posts

Please Fill The Form To Download The Resource