Companies set to invest more in automating and applying AI in strategic areas such as supplier identification and selection, supplier negotiations and contract management
Many businesses already training large language models (LLMs) on relevant internal and external data so that they can get immediate answers about their suppliers
JAGGAER, the global leader in strategic sourcing and procurement, recently organised an executive Chief Procurement Officer (CPO) roundtable in Abu Dhabi to address the opportunities in procurement based on leveraging AI and what the future holds for procurement teams in the region.
JAGGAER Addresses the Future of Procurement During High-level Roundtable in Abu Dhabi
The primary focus of the roundtable was to delve into the pivotal role of Artificial Intelligence (AI) in revolutionising the procurement landscape. Led by industry experts from JAGGER, participants engaged in in-depth discussions exploring the potential impact of AI on procurement processes, supply chain management, and overall business operations.
Featuring senior executives from a cross-section of UAE businesses, including, among others, ADNOC, Abu Dhabi Media Company, Abu Dhabi Department of Culture & Tourism, Ghantoot Energy & Water LLC, PCFC-Ports, Custom & Free Zone Corporation, Agthia Group PJSC, and NMDC Energy, the future of procurement platforms, namely hyper automated, intelligent, conversational and collaborative, was outlined.
Francesco Colavita, Global Vice President PreSales Consulting JAGGAER, said, “AI is driving faster, more informed decision-making, with its insights continually advancing and expected to accelerate further in the future. As the technology continues to evolve, AI will enhance operational efficiency and drive innovation, enabling companies to remain competitive in rapidly changing markets.”
In the UAE, many businesses are already looking at AI, and the market is expected to exceed US$4.2 billion by 2030, with 42% of companies in the UAE already adopting AI in their operations. This follows a global trend, which, according to research specialists Statista, will see the generative AI market grow 10% – 20% until 2030, following a staggering 100% growth between 2021 and 2023.
“Companies in the UAE, Saudi Arabia, and the wider GCC region are already investing more in automating and using AI in important areas, such as finding and choosing suppliers, negotiating with them, and managing contracts,” said Hany Mosbeh, Senior Vice President – Middle East and Africa, JAGGAER.
“The more procurement teams progress in their automation and AI journey, the less bogged down they’ll feel at every stage and will be able to make a bigger impact on the company by unleashing tangible productivity gains,” he added.
JAGGAER One is a digital Platform designed to help businesses manage their procurement processes more effectively. Using AI, JAGGAER One identifies and takes action on new opportunities and threats by generating insights, forecasting outcomes, suggesting outcomes, and making decisions. The system delivers collaborative onboarding, tailored guidance, and decision support through a conversational interface for professionals.
About JAGGAER
JAGGAER is a global leader in enterprise procurement and supplier collaboration, and the catalyst for enhancing human decision-making to accelerate business outcomes. We help organizations to manage and automate complex processes while enabling their highly resilient, accountable, and integrated supplier base. Backed by 30 years of expertise, our proven AI-powered industry-specific solutions, services, and partnerships form JAGGAER One, serving direct and indirect, upstream and downstream, in settings demanding an intelligent and comprehensive source-to-pay solution. Our 1,200 global employees are obsessed with helping customers create value, transform their businesses, and accelerate their journey to Autonomous Commerce.
For more information, visit www.jaggaer.com.