Publisher's Synopsis
Welcome to Practical introduction to AI and GenAI for Procurement: A Beginner's Practical AI Handbook for Procurement Management. In this book, we take a step-by-step approach to help you understand how Artificial Intelligence (AI) and Generative AI (GenAI) can revolutionize procurement management. Whether you are a seasoned procurement professional or someone new to the field, this guide is designed to bridge the gap between traditional procurement practices and modern AI-driven solutions.
Procurement management is at a crossroads, facing increasing pressure to optimize operations, reduce costs, and improve decision-making. With the advent of AI technologies, procurement teams now have powerful tools at their disposal to meet these challenges head-on. However, for many professionals, the idea of implementing AI into procurement may seem daunting. This book aims to demystify the concept, making AI accessible and actionable for anyone working in procurement. The book is structured in a way that emphasizes practical, hands-on learning, with each chapter focusing on real-world applications of AI and GenAI in procurement. From understanding the basics of AI technologies to exploring how they can be applied in areas like supplier selection, spend analysis, and contract management, we provide insights that are both actionable and grounded in the realities of procurement. A unique aspect of this book is the dedicated chapters on no-coding practical exposures for AI techniques such as classification, regression, and clustering. These sections will walk you through simple, intuitive exercises to help you grasp how these algorithms work, all without requiring any coding experience. Whether you are learning to predict supplier performance, analyze spending patterns, or categorize procurement data, these chapters provide you with the tools to implement AI solutions in your daily work. By the end of this book, you will not only have a clear understanding of how AI and GenAI are transforming procurement management but also practical skills to apply these technologies to optimize your procurement processes. We hope that you find this book both insightful and inspiring, and that it empowers you to leverage AI in innovative ways to drive efficiency, reduce risk, and enhance strategic decision-making in procurement. Let's begin this exciting journey into the world of AI for procurement!
