Published on December 22, 2023, 8:42 am

Recent developments in generative AI are revolutionizing the field of procurement, transforming it from a back-office function to a strategic business unit. The advent of next-generation AI models holds immense potential for enhancing sourcing, supplier relationship management, spend analytics, and other aspects of procurement.

In collaboration with Everest Group, GEP has conducted an in-depth analysis exploring the evolution of generative AI and its impact on procurement through various use cases. This insightful report titled “Procurement Transformation in the Age of Generative AI” is essential reading for procurement professionals seeking to leverage AI-powered tools to drive growth and maintain competitiveness.

The report covers a range of key aspects related to AI adoption in procurement, including:

1. Examining the current state of machine learning and AI adoption in procurement.
2. Assessing opportunities to deploy AI-based solutions across the source-to-pay (S2P) value chain.
3. Prioritizing AI projects based on their financial, operational, and business impact.

GEP®, a leading provider of AI-powered procurement and supply chain solutions, empowers global enterprises to enhance agility, resilience, efficiency, effectiveness, competitive advantage, profitability, and shareholder value.

Through their distinct offerings – GEP SOFTWARE™, GEP STRATEGY™, and GEP MANAGED SERVICES™ – GEP delivers unparalleled procurement and supply chain solutions that are underpinned by fresh thinking, innovative products, unrivaled domain expertise as well as smart and passionate professionals.

GEP is widely recognized as a leader in multiple Gartner Magic Quadrants and consistently receives awards from prominent industry analysts such as Forrester and IDC. Their cloud-native software and digital business platforms have earned them accolades for their excellence in empowering organizations worldwide.

Additionally,GEP is regularly acknowledged as a top-tier procurement and supply chain consulting firm alongside being recognized as a leading managed services provider by reputable organizations like ALM and Everest Group.

Headquartered in Clark New Jersey,GEP has a global presence with offices and operations centers across Europe, Asia, Africa, and the Americas. To learn more about GEP, visit their website at www.gep.com.

GEP SMART™ is an AI-powered, cloud-native software that offers comprehensive source-to-pay functionality for both direct and indirect procurement. This user-friendly platform encompasses spend analysis, sourcing, contract management, supplier management, procure-to-pay processes, savings project management and tracking,invoicing,and other related functionalities.

On the other hand,GEP NEXXE™ is a unified and comprehensive supply chain platform designed to address the complexities of modern-day global supply chains. Powered by big data, artificial intelligence, and machine learning technologies,GEP NEXXE empowers enterprises to harness their supply chain as a competitive advantage.

As a final note,GEP’s commitment to innovation and excellence has positioned them as a thought leader in the field of procurement and supply chain management.They are trusted by over 550 Fortune 500 and Global 2000 companies who rely on GEP to help them achieve their most ambitious strategic, financial,and operational objectives.

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