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Gartner releases new report: ‘Procurement Moves Quickly to Experiment with Generative AI’

AI In Procurement

Gartner has released a new report to help procurement leaders understand how their peers are reacting to and investing in Generative AI (GenAI).

“Generative AI is one of the newest and most hyped technologies in the procurement market. Organisations are quickly trying to assess what’s possible, what’s real and what benefits they can expect from investment in this technology,” says Gartner.

Key takeaways include:

  • Procurement expects a 22.7 percent increase in productivity and 12.5 percent cost savings over the next 12-18 months from GenAI
  • A majority of procurement leaders have plans to implement at least one use case of GenAI over the next 12 months
  • Procurement is allocating approximately 5 percent of total budget to experiment with GenAI, inclusive of the technology cost
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