New survey from Ivalua reveals that procurement professionals are increasingly embracing generative AI
A new survey from Ivalua reveals that procurement professionals increasingly embrace generative AI, with 60% of leaders expecting job roles to be transformed soon. The survey, which focused on the U.S., highlights that while AI is seen as a major opportunity to drive efficiency, organizational hurdles like siloed data and lack of communication still hold some companies back.
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According to the survey, 75% of respondents reported increased investment in generative AI, 67% noted more automation, and 72% observed better data analysis. These improvements are expected to push procurement from a back-office function to a strategic part of the business, according to Ivalua's Chief Marketing Officer, Alex Saric. "Generative AI allows procurement to shift from transactional tasks to more strategic work," Saric said, adding that automation and better insights can help manage risks, improve sustainability, and optimize decision-making.
Organizations are also investing in their workforce to prepare for these changes, with 70% focusing on upskilling and 68% reskilling their employees. Respondents stressed the importance of data analysis, emerging technologies, and negotiation skills as critical areas for development.
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Despite the optimism around AI, challenges remain. Over half (57%) of procurement professionals reported struggles with different departmental priorities, while 44% cited siloed information as a key issue. Additionally, 51% of respondents expressed concerns about ongoing supply chain disruptions, particularly in light of potential trade policy changes after the 2024 U.S. election.
"AI is the next frontier for procurement, allowing us to focus on leadership rather than mundane tasks," added Amanda Christian, Senior Vice President at CACI.