GenAI agents in procurement refer to advanced, generative artificial intelligence systems that assist in procurement activities by generating actionable insights, strategies, and solutions. Unlike traditional AI, which typically focuses on automating routine tasks, GenAI agents leverage cutting-edge technologies like machine learning, natural language processing, and predictive analytics to create customized recommendations for procurement teams. These agents can forecast market trends, optimize sourcing decisions, identify potential risks in the supply chain, and improve supplier relationships through intelligent, data-driven suggestions. By integrating GenAI agents into procurement, organizations can drive efficiency, innovation, cost savings, and ensure alignment with business objectives, transforming procurement into a more strategic, value-driven function.
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Maverick spending—also referred to as maverick buying, occurs when employees make purchases outside approved procurement processes, policies, or supplier contracts.
Supplier Lifecycle Management (SLM) — also known as Vendor Lifecycle Management — is the end-to-end, strategic management of a supplier
Purchase Requisition Software is a digital solution that standardizes, automates, and governs the process of requesting goods and services before
eSourcing software is a digital platform that automates, standardizes, and governs the strategic sourcing process — from supplier discovery and
Invoice Approval Software automates the review, validation, and authorization of supplier invoices before payment. It ensures that every invoice is
A Supplier Management System (SMS) is an integrated digital platform that centralizes, governs, and optimizes all activities related to suppliers
