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At Horizon Europe 2024, Patrick Reymann, Research Director for Procurement & Enterprise Applications at IDC, explored the ROI of Generative AI in procurement. He discussed how AI is revolutionizing procurement from intake to intelligent spend orchestration, transforming what was once seen as a back-office function into a strategic driver of business value.
Patrick highlighted how digital transformation, automation, and AI-powered analytics are elevating procurement’s role in organizations. Despite procurement’s perception as a routine function, AI-driven sourcing, spend analytics, supplier relationship management (SRM), and contract lifecycle management (CLM) are creating real, measurable impact.
He reflected on the rapid evolution of Gen AI, with ChatGPT’s public release in November 2022 marking a turning point in AI adoption. Organizations are now integrating AI to optimize procurement, enhance decision-making, and improve supplier negotiations.
This session is a must-watch for procurement professionals, CPOs, and business leaders looking to leverage AI for cost savings, efficiency, and strategic insights. Patrick also em phasized the importance of elevating procurement’s reputation, demonstrating its role as a data-driven, value-generating powerhouse in the enterprise.
At Horizon Europe 2024, Patrick Reymann, Research Director for Procurement & Enterprise Applications at IDC, explored the ROI of Generative AI in procurement. He discussed how AI is revolutionizing procurement from intake to intelligent spend orchestration, transforming what was once seen as a back-office function into a strategic driver of business value.
Patrick highlighted how digital transformation, automation, and AI-powered analytics are elevating procurement’s role in organizations. Despite procurement’s perception as a routine function, AI-driven sourcing, spend analytics, supplier relationship management (SRM), and contract lifecycle management (CLM) are creating real, measurable impact.
He reflected on the rapid evolution of Gen AI, with ChatGPT’s public release in November 2022 marking a turning point in AI adoption. Organizations are now integrating AI to optimize procurement, enhance decision-making, and improve supplier negotiations.
This session is a must-watch for procurement professionals, CPOs, and business leaders looking to leverage AI for cost savings, efficiency, and strategic insights. Patrick also emphasized the importance of elevating procurement’s reputation, demonstrating its role as a data-driven, value-generating powerhouse in the enterprise.
