AI brings efficiency, data-driven insights, cost savings, and risk mitigation capabilities to procurement processes.
By leveraging AI technologies, organisations can streamline their procurement operations, improve decision-making, and drive better outcomes.
Generative AI is poised to provide greater support to human decision-making across sales, marketing, purchasing and supply chain.
But what is the right way to introduce AI?
Adopting AI Responsibly: Guidelines for Procurement of AI Solutions by the Private Sector, published jointly by GEP and the World Economic Forum, using responses from 40 companies to provide businesses with guidance to apply artificial intelligence (AI) responsibly in commercial procurement.
Aiming to establish standards for responsible AI practices, this report has been released as a resource for businesses seeking to incorporate ethical AI technology, offering a customisable framework for adoption.
Content includes addressing the urgent need for a practical and user-friendly AI toolkit. the crucial role of procurement in overseeing AI implementation and five fundamental elements for acquiring AI solutions responsibly.
“In the gold rush to apply AI to improve how companies source suppliers and manage global supply chains, there is a very real risk that organizations will dehumanize decisions and unintentionally ignore waste, CO2 emissions, and inequality, with devastating consequences to business, communities and the environment,” explained Subhash Makhija, chief executive officer and co-founder, GEP said in a media release.
GEP and The Forum worked with companies, such as Appen, BenevolentAI, IBM, Boston Consulting Group (BCG), BP, Builder.ai, Credo AI and CrowdAI.
“Procurement is best positioned within an organization to help the C-suite define and create a holistic blueprint for the organization’s Al strategy,” the report says.
Download a copy of Adopting AI Responsibly: Guidelines for Procurement of AI Solutions by the Private Sector.
