{"id":21540,"date":"2023-10-20T05:33:19","date_gmt":"2023-10-20T05:33:19","guid":{"rendered":"https:\/\/thedatascientist.com\/?p=21540"},"modified":"2023-12-09T05:55:40","modified_gmt":"2023-12-09T05:55:40","slug":"leveraging-technology-how-automation-and-ai-are-revolutionizing-procurement-cost-savings","status":"publish","type":"post","link":"https:\/\/thedatascientist.com\/leveraging-technology-how-automation-and-ai-are-revolutionizing-procurement-cost-savings\/","title":{"rendered":"Leveraging Technology: How Automation and AI are Revolutionizing Procurement Cost Savings"},"content":{"rendered":"\r\n
Procurement, at its core, refers to the process by which organizations source and acquire the goods and services necessary for their operations. Historically, procurement has faced numerous challenges, from bureaucratic hurdles to inefficiencies in supplier negotiations.<\/p>\r\n\r\n\r\n\r\n
Yet, its significance in the global business landscape has been evident, with the procurement as a service market size being estimated at a staggering $6.15 billion in 2022, and projections suggest it will rise to approximately\u00a0$6.49 billion<\/a> by the end of 2023.<\/p>\r\n\r\n\r\n\r\n As this market continues to grow, we also witness a transformative procurement era. This transformation is significantly driven by technological advancements, especially automation, and AI, which are emerging as revolutionary tools in modern procurement strategies.<\/p>\r\n\r\n\r\n\r\n