BIG PICTURE

Large Language Models seeing swift and increasing adoption by procurement teams

Worldwide

Large Language Models are gaining traction in procurement, offering benefits such as work process automation, cost reduction and informed decision-making.

While procurement teams initially hesitated due to concerns like high costs and data security, more organisations are embracing these models.

LLMs assist in several areas across procurement, including vendor selection, spend analysis and supplier relationship management. By leveraging AI’s efficiency, market insights, risk identification and cost-saving opportunities, procurement professionals can focus on strategic tasks. However, accuracy, security and the need for human judgement remain concerns. Combining AI and human intelligence allows for improved decision-making and fosters vital connections with stakeholders and suppliers.