Artificial intelligence is a sophisticated technology distinguished by its unique ability to adapt behavior based on data specific to the system in which its operating. By introducing AI into procurement practices, organizations can streamline more complex processes that would otherwise require manual efforts. Not only will this ultimately reduce the risk of human error but will help to drive operational efficiency as well.

While AI can be identified as any software consisting of smart algorithms, there exist a variety of subsets underneath the broader definition. From Machine Learning (ML) to Natural Language Processing (NLP), all present a capacity to adapt behaviors based on distinct data-powered algorithms designed to imitate human intelligence.…