Outdated procurement practices, like spreadsheets and manual processes, are holding businesses back. For growing companies, these inefficient methods lead to wasted time, missed savings and mounting operational challenges. Without visibility into spending, businesses struggle to seize bulk discounts, negotiate better contracts, or manage supplier relationships effectively.
What if there were a way to streamline processes and make smarter decisions? Enter GEP’s AI-powered procurement solutions—a game-changer for modern businesses.
This podcast explores based on GEP’s report how GEP’s technology empowers companies to automate tasks, achieve granular spend visibility, and align procurement with strategic goals.
What You'll Hear:
- Tips on automating manual processes to save time and focus on growth.
- Gain detailed spending visibility to uncover hidden savings.
- How to align supplier choices with sustainability, diversity and long-term goals.
PODCAST SUMMARY
Many mid-sized businesses still rely on outdated procurement methods, such as spreadsheets and manual processes. These inefficient approaches result in hidden costs, wasted time, and increased risks. Without clear visibility into spending, companies miss opportunities for bulk discounts, better contracts, and strategic growth. As businesses expand, these challenges compound, leading to operational chaos, missed savings, and difficulties managing an ever-growing network of suppliers.
AI-Powered Solutions for Procurement Challenges
This podcast based on GEP’s playbook highlights how AI-powered procurement software addresses these pain points by automating manual tasks and providing granular spend visibility. This technology allows companies to track every dollar, uncover inefficiencies, and make informed, data-driven decisions. AI also simplifies supplier management, speeds up onboarding, and evaluates suppliers based on sustainability, diversity, or security standards. Industry experts like Raj Agarwal emphasize that AI transforms procurement into a strategic growth enabler, helping businesses scale efficiently while maintaining transparency.
How AI Empowers Mid-Sized Businesses
By leveraging AI, companies achieve remarkable results. Automation reduces bottlenecks and minimizes errors, freeing up resources for strategic initiatives. Enhanced visibility into spending helps identify cost-saving opportunities and optimize supplier relationships. Additionally, AI empowers businesses to align procurement decisions with broader values such as sustainability and innovation, fostering long-term strategic alignment.