Procurement

Procurement

The re-rise of conversational AI for procurement efficiency and how to integrate it into your processes

"The rapid growth of AI technology among businesses globally has been transforming the way they operate," says Iyyappan Chandramouleeswaran, source-to-pay transformation specialist, VP of procurement transformation at Standard Chartered and ex-management. Conversational AI is one such technology that is gaining popularity in the field of procurement. It refers to the use of AI-powered chatbots or virtual assistants to facilitate communication and streamline procurement processes.

By leveraging conversational AI, organizations can enhance their procurement efficiency and reduce manual efforts. These AI-powered chatbots can assist in various procurement tasks, including supplier onboarding, purchase order creation, invoice processing, and supplier performance evaluation. They can understand and respond to natural language queries, making it easier for procurement professionals to interact with the system and get the information they need.