Generative AI for procurement: A review

Generative AI (GenAI) is revolutionizing procurement by enhancing efficiency, strategic decision-making, and personalization. It automates processes, analyzes data for prescriptive insights, and improves supplier selection by considering factors beyond cost. In strategic sourcing, GenAI empowers organizations to identify suppliers with innovation and value. It also automates low-volume sourcing events and provides actionable insights for annual supplier negotiations. In contract management, GenAI transforms contracts into adaptive tools that respond to market dynamics through predictive analytics and integrated risk management. GenAI empowers procurement professionals to become more proactive, predictive, and strategic, driving organizational competitiveness and resilience.