1、IN THE AGE OF GENERATIVE AIProcurementTransformationCopyright 2023,Everest Global,Inc.All rights This document has been licensed to GEPProcurement Transformation in the Age of Generative AIShirley Hung,Partner Prateek Singh,Practice DirectorAkash Thunga,Senior Analyst Smarajeet Das,Senior Analyst C|

2、licensed to GEPIntroduction03Current state of digital adoption within procurement04Emergence of generative AI and its potential implications06Transforming procurement operations through generative AI 07Optimizing AI implementation through prioritization09Key considerations for implementing generativ

3、e AI 11Conclusion14I|licensed to GEPGenerative AI is garnering significant attention in the business world with its impressive human-like creative capabilities.Ever since the release of ChatGPT,organizations worldwide have been keenly exploring its applications.As technology evolves on an ongoing ba

4、sis,it continues to have a profound impact on business functions,and the procurement function is no exception.Over time,procurement has evolved from a back-office function to a strategic line of business,with its priorities extending beyond delivering traditional cost savings to establishing strateg

5、ic supplier relationships,managing risk dynamically and proactively,and ensuring business continuity.Technology plays a key role in enabling procurement organizations to deliver value beyond cost savings by leveraging data to improve efficiency,productivity,and accuracy across processes.However,proc

6、urement organizations are not at the forefront of adopting advanced digital solutions compared to business functions such as Finance and Accounting(F&A)and Human Resources(HR).While procurement has shown some interest in advanced technologies such as AI-/ML-based analytics and Intelligent Document P