In a rapidly evolving digital landscape, procurement leaders are seeking innovative ways to streamline operations, drive efficiency, and deliver value to their organizations. At the Consero Procurement & Strategic Sourcing Forum in Coral Gables, FL, on December 9th, 2024, industry leaders from Ace Hardware, Athene, and Levelpath came together to discuss the transformative potential of AI in procurement.

“AI in Procurement: Unifying Operations with Smart Technology” was the centerpiece session, offering attendees a deep dive into how cutting-edge AI tools are reshaping procurement strategies. Hosted by Alex Yakubovich, Co-founder and CEO of Levelpath, along with Brian Mathey from Athene and Fraz Baig from Ace Hardware, the session explored real-world applications and the strategic benefits of AI.

Key Takeaways From the Session

AI Driving Efficiency and Cost Savings

Fraz Baig of Ace Hardware shared how their organization has implemented Levelpath’s AI solutions to significantly enhance efficiency across procurement operations. By automating time-consuming tasks like supplier performance evaluations and risk management, Ace has achieved both time and cost savings. Fraz emphasized, “AI allows us to analyze supplier data in minutes instead of weeks, empowering our teams to focus on strategic initiatives.”

Similarly, Athene showcased how their AI-driven tools, such as a Certificate of Insurance (COI) evaluation model, are revolutionizing processes. Brian Mathey of Athene described how this tool enables Athene to process hundreds of COIs, identify deficiencies, and generate actionable reports. Brian emphasized,“With our AI-powered COI evaluation model, we’ve streamlined a process that now hundreds of COIs in an hour, pinpoint deficiencies, and deliver actionable insights instantly, it’s a game-changer“

Realizing the Power of Generative AI

Alex Yakubovich highlighted the rapid adoption of Generative AI in procurement, as 92% of CPOs are planning or assessing its capabilities for 2024, according to a Deloitte survey. He introduced the concept of “Crawl, Walk, Run” for AI adoption, illustrating how organizations can scale their AI capabilities incrementally to achieve sustainable transformation.

Ace Hardware’s use of Levelpath’s solutions for supplier enrichment and bid management exemplified how tailored AI applications can enhance procurement decision-making. Fraz noted, “Levelpath allows us to not only streamline operations but also improve supplier relationships and foster resilience across our supply chain.“

A Future-Forward Perspective

The panelists agreed on one key point: the future of procurement lies in the seamless integration of AI into core systems and processes. For companies like Ace Hardware and Athene, this means prioritizing innovation, ensuring data integrity, and leveraging AI to drive measurable business outcomes. As Alex summarized, “AI is no longer a ‘nice-to-have’, it is a must-have for procurement leaders looking to stay competitive and agile in a fast-changing world.“

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