CPOs shift focus on AI from what’s possible to implementation

Procurement departments continue to invest in technology as chief procurement officers have shifted their focus on what is possible to focus on how to do it. That is one of the conclusions of an annual procurement study from Keelvar, which provides strategic sourcing solutions and software.

“2023 marked the beginning of the automation and AI revolution,” Alan Holland, founder and CEO of Keelvar, said. “Last year was a year of exploration—procurement leaders were evaluating, learning, and looking to see who took the first step and the pitfalls to avoid. The predominant question asked by CPOs then was, ‘Tell me what’s possible.’ Now the question being asked is, ‘Tell me how best to do it.’”

The annual Voices of Sourcing survey found that 59% of procurement and sourcing teams plan to adopt advanced technology, including artificial intelligence and automation technology, with 42% saying those are their top tech items.

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