Benefit from transparency, insight, relationships, and cost savings
At KPMG, we’ve worked with many clients to change the game on how they use AI to improve their procurement approach. In addition to the data transparency and insights I’ve cited here, they are able to make better buying decisions and build better relationships with vendors. When everyone across your procurement ecosystem can see information, your relationships become stronger and more focused on bringing value.
Another important benefit to you is cost savings. By comparing contracts with invoices, some of our clients have achieved hard cost benefits of 2 percent to 5 percent. And the more you spend, the greater that benefit can become. Machine learning has helped eliminate backlogs in contract processing and greatly enhanced efficiency within the organization.
We’ve worked with new technologies, including AI, machine learning, and unstructured data analysis tools, for many years. As a result, we’ve made the move to accelerated procurement management easier for our clients by creating accelerators to put these tools in place and bring value faster. But we don’t just bring technology. It comes with a lot of lessons learned, and strong business and industry experience to help avoid pitfalls.
The good news: AI and machine learning keep improving. But without domain expertise and your knowledge of your business, it can’t do much. If you’d like to learn more about how we can help your procurement team work smarter, please contact me.