Zycus, the global leader in GenAI powered Source-to-Pay (S2P) solutions, in collaboration with Procurement Tactics a renowned procurement strategy consultancy, has released a groundbreaking report aimed at helping Chief Procurement Officers differentiate between hype from reality of Generative AI (GenAI).
The “State of Generative AI in Procurement” report provides unprecedented insights into how Generative AI (GenAI) is transforming procurement processes, based on extensive survey data from procurement leaders worldwide.
Read More on Fintech : Global Fintech Series Interview with Christy Johnson, Chief Product Officer at Versapay
Key Findings Reveal a Critical Crossroads in GenAI Adoption:
- Adoption Gap: Nearly 70% of Chief Procurement Officers (CPOs) have yet to implement GenAI, despite its demonstrated benefits. This stark divide highlights a substantial untapped opportunity for competitive advantage.
- Governance Challenge: Over 60% of companies lack specific policies on GenAI usage, underscoring an urgent need for strategic guidance as adoption accelerates.
- Transformative Potential: The report details how GenAI is automating routine tasks and enhancing strategic decision-making across the entire procurement lifecycle.
- Ethical Considerations: Data quality and security emerge as top concerns, emphasizing the need for responsible AI implementation strategies.
This report serves as a wake-up call for the procurement industry. The potential of GenAI is immense, but the adoption gap is equally significant. Organizations that act now to integrate GenAI responsibly will gain a substantial competitive edge.
Zycus is the leader in Source-to-Pay (S2P) solutions, pioneering the world’s first Generative AI (GenAI) powered platform that helps procurement achieve 10X speed and efficiency. It has been a trusted partner of choice for large global enterprises and is consistently recognized by leading analysts like Gartner and Forrester for its organically built, composable and extensible source-to-pay suite.
Its Merlin GenAI Suite automates tactical tasks, empowering procurement teams to focus on strategic initiatives. Additionally, it offers one-of-its-kind conversational AI, Merlin Assist, for business users, integrated with Microsoft Teams to streamline intake management with a user-friendly experience.
Catch more Fintech Insights : Global Fintech Series Interview with Daniel Muller, CEO of Aeropay
[To share your insights with us, please write to psen@itechseries.com ]
