The ROI Rules of AI: Procuring Success (Sponsored Content)
Masters in Business
Deep Dive
What challenges do procurement professionals face when evaluating potential suppliers?
Procurement professionals face challenges such as assessing a supplier's financial health, legal risks, environmental, social, and governance (ESG) metrics, and potential disruptions like natural disasters or geopolitical conflicts. These evaluations are time-consuming, often taking days to thoroughly investigate a single supplier.
How does Dun & Bradstreet's AI-powered tool, Ask Procurement, improve efficiency for procurement teams?
Ask Procurement, powered by IBM's Watson X AI and Data platform, allows procurement professionals to query Dun & Bradstreet's database in plain English. It enables them to quickly gather comprehensive information about suppliers, such as ESG scores, credit profiles, and supply chain risks, reducing the time spent on vetting vendors by 10-20%.
What role does IBM play in the development of Dun & Bradstreet's Ask Procurement tool?
IBM serves as both a technology provider and a customer of Dun & Bradstreet's procurement product. IBM's Watson X platform and expertise in AI development helped Dun & Bradstreet gather requirements, design workflows, and build the Ask Procurement tool, which integrates natural language processing and private data for competitive advantage.
What lessons can other companies learn from Dun & Bradstreet's AI implementation?
Companies should focus on people, process, and technology when implementing AI. AI projects should not be IT-only initiatives; they require a line of business sponsor who benefits directly from the outcomes. Combining private data with large language models is key to gaining a competitive edge and driving business value.
What are the key benefits of using AI in procurement, according to Dun & Bradstreet?
AI in procurement improves decision-making accuracy by providing readily available information and enhances efficiency and productivity. Early users of Ask Procurement have reduced vendor vetting time by 10-20%, allowing procurement teams to focus on more strategic tasks.
What is the future focus for Dun & Bradstreet's Ask Procurement tool?
Dun & Bradstreet is developing Phase 2 of Ask Procurement, which will allow customers to integrate their own supplier data with Dun & Bradstreet's database. This will enable broader access to the tool across departments, further reducing time spent on procurement-related tasks.
- AI-powered solution for faster supplier research
- Addresses the inefficiency of traditional supplier vetting
- Developed by Dun & Bradstreet in collaboration with IBM
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