How AI Is Revolutionizing Supply Chains

3 Ways AI Is a Game Changer in Procurement Management

Procurement management is on the brink of revolutionary change driven by rapid advancements in artificial intelligence (AI).

Julian Harris, founder and CEO of RobobAI, a global fintech company leveraging AI technology to help organizations optimize supply chains, explains how AI is reshaping the supply chain landscape.

Harris co-founded RobobAI an innovative AI-driven platform designed to enhance the ethical and commercial management of supply chains.

He explains how AI is reshaping the supply chain landscape by:

1. Untangling Complexity With Visibility ­– Supply chains can leak billions in expenditures, yet global companies struggle to gain clear insights to their spending amid too many data sources. RobobAI's AI-powered software aggregates data to provide 360º visibility of spend and payments data, identifying inefficiencies so companies can optimize spending for maximum impact.

2. Optimizing B2B Payment Experience – Suppliers may prioritize fulfilling orders from buyers who offer faster payments, resulting in better negotiating terms for buyers. RobobAI helps buyers and suppliers alike quickly and easily identify mutually beneficial payment options, including the ability to easily identify which suppliers accept virtual cards. This can help accelerate payments, improve liquidity, enhance security, and streamline payment processing for both parties.

3. Leveraging Data for Robust Risk Management – Global industries face a labyrinth of regulatory demands, making it extremely difficult to track compliance. RobobAI streamlines this process by consolidating compliance data and automating routine risk checks, allowing companies to quickly flag potential compliance breaches, take prompt corrective action, and preempt escalation.

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This article originally appeared in The Times of Miami. Read the source article here.