ai hype machine learning algorithm commodity

In simple terms, AI is a software solution aimed at resolving a specific task. AI is automating or improving many time-consuming tasks or giving Procurement experts additional insights based on extremely complex and large sets of data. What is Procurement AI AI is transforming Procurement. While they may be limited in scope, narrow AI has the more immediate potential for improving operational efficiency. They provide smart solutions to very specific and pre-defined challenges. These machines perform intelligent tasks at a similar or better level than humans.Īll known applications of AI in procurement today reflect narrow AI, which is also referred to as weak AI. Strong AI has a mind of its own and can accomplish any type of task the AI can think of.ĪI in popular media often refers to strong AI, or artificial general intelligence (AGI.), like those seen In science fiction films and TV (Westworld rocks!). What's the difference between strong AI and narrow AI? Narrow AI operates within a set of pre-defined functions that it is taught to solve. Typically, AI software is developed to solve complex tasks better or more efficiently than humans could. On a high level, AI is a broad set of new computer technologies with the ability to learn and adapt their behavior. AI can be embedded into a number of software applications from spend analysis to contract management and strategic sourcing.ĪI has been a field of academic study since the 1950s, but only recently has it found concrete applications within Procurement functions. Use of AI in procurementĪrtificial intelligence (AI) allows Procurement organizations to solve complex problems more efficiently or effectively using smart computer algorithms. We include many AI definitions and examples for Procurement professionals without prior knowledge of the topic.Ĭlick the ' Download eBook' button on the left if you want the full experience.

Identify how AI and machine learning impact procurement and strategic sourcing. Find the real business opportunity in AI today. This guide helps you navigate through the AI hype and buzzwords. What are the real AI opportunities for procurement? How AI can help solve some of the biggest challenges in procurement?

Too often, talk is about future potential instead of business reality. Often AI is talked about as a magic new solution to problems. Artificial intelligence is one of the hottest topics in technology, but it is still a relatively new opportunity for Procurement.

Ai hype machine learning algorithm commodity