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How AI is transforming the ways companies source enterprise services

Services sourcing is being dramatically changed by AI — a previously untapped domain and significant opportunity for businesses.

The pace of change has never been faster. Companies are accelerating the digitization of business operations and processes, resulting in the re-engineering of work around the world. Nowhere is this more prevalent than in procurement. Companies are revisiting their digital strategies to ensure near- and long-term continuity and resiliency across the value chain, all of the steps needed to keep a business running.

This is where the power of AI comes in.

AI-powered solutions turn procurement into a catalyst for company value

In today’s fast-paced global economy, there is little doubt about the necessity for procurement’s digital transformation. However, many multinational companies are just starting their implementation journey, and they are realizing the benefits of having a digital business beyond just digitizing their processes. Regardless of what is being sourced, procurement teams need the ability to quickly draw from complex, compounding data pools, as well as process and analyze relevant information to mine insights. They also need to package findings into sharable, understandable recommendations. This enables business stakeholders to make fast, accurate decisions whether they are working to complete a one-off project or manage a long-term contract for complex services.