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Spend Matters launches ‘Meet AI’ series

Meet AI Series

PASA content partner Spend Matters has launched a nine-part series exploring how vendors have implemented AI.

Covering sourcing, supplier management, spend analytics, risk, intake, AP automation, contract lifecycle management, e-Procurement and expense management solutions, the series will break down survey results and provide insights into recent vendor trends.

Each article dives into the significance of AI, top AI-powered capabilities, current vendor AI practices, an overview of GenAI and future AI prospects within the module. 

Meena Ibrahim, Research Analyst at Spend Matters says, “The data that informs these articles comes from a survey that covered various AI components, including current and future AI adoption plans, common use cases and partnership dynamics. 

“Broadly, we found that while AI usage varies by module, there are certain common trends. For example, most vendors provide native support for ML, but they predominantly rely on third-party integrations for GenAI support.“

She continues, “Moreover, our findings reveal module-specific nuances. For example, over 60 percent of AP automation vendors natively support AI-driven OCR while approximately 30 percent across all modules natively support this. The difference reflects the relative importance of OCR in invoice data capture.

“Regarding partnerships for GenAI integration, 73 percent of vendors, a significant majority, have existing partnerships with external organisations. Additionally, 75 percent of vendors surveyed either possess or plan to develop custom LLM/GenAI engines, with variations across modules. This highlights the growing prominence of GenAI across all procurement modules.“ 

To learn more, view the series here.

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