Generative AI ( GenAI ) has been one which of the hottest trending topics of 2023 , with ChatGPT in particular hogging much of that attention . In the space of a few short months , GenAI seems to have gone from being a digital party trick to a technology that has the power to reshape our home and work lives .
GenAI is the use of algorithms to create text , images , audio , code and videos . Whereas traditional AI systems are primarily used to analyse data and make predictions , GenAI goes further , by creating new data that can bring insight and , increasingly , also offer advice to guide strategic decision-making .
One facet of the supply chain in which GenAI is making an impact is procurement , has always been process-heavy . Here , it is being used to streamline workflows , reduce human error and augment decision-making .
By automating repetitive tasks and offering valuable insights , AI models can free up procurement professionals to focus on more strategic initiatives .
One area of procurement in which GenAI is making inroads is contracts management , and leading the way is contract solutions company , Icertis – who was among the first to embed AI into the contract lifecycle management process .
Building on its AI-powered contract intelligence platform that turns contracts
108 January 2024