THIRD-PARTY RISK MANAGEMENT

Procurement: Applying AI to Third-Party Risk Management to Speed Vendor Onboarding

AI-powered Procurement teams do more consistent work on a faster timescale, onboarding new suppliers without losing hours on tedious, time-consuming processes and reviewing policies at a greater level of consistency than was possible before.

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Cyber and Third-Party Risk Solutions
 

This guide will explore the challenges posed to Procurement teams by the advent of Artificial Intelligence (AI), the advantages and opportunities presented by this new technology, the AI functions with the potential to up-level Procurement operations, and strategies for building AI-powered teams.

As Procurement teams look for creative ways to operate faster, cheaper and more securely, Artificial Intelligence (AI) has become an increasingly appealing tool—and it’s no wonder why: while the technology cannot replace human expertise, it can, used strategically, reduce the amount of time Procurement personnel spend on tedious, time-consuming work that’s now an easy candidate for automation. By empowering your Procurement team to use AI intelligently, you can ensure that their time is spent where it makes the biggest difference.

This guide will cover:

  • The challenges posed to Procurement teams 
  • AI functionality with the potential to up-level Procurement operations
  • The principles behind strong AI-powered teams
  • How to build AI-powered Procurement processes in a TPRM platform

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