How AI is transforming procurement in healthcare Vamstar CEO Praful Mehta explains how AI is altering the procurement process for the better
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he field of artificial intelligence (AI) has made great strides in recent years, with the technology making its way into industries as diverse as manufacturing and hospitality. The next frontier is procurement and supply chain management in the healthcare industry, with AI set to transform the way companies source their materials and streamline the operations of their equipment. Some
Praful Mehta CEO Vamstar
“Today’s advanced technology enables a machine learning-based approach to streamline decision making”
experts predict that within five years AI will be responsible for over $300bn in annual savings, for the healthcare industry alone. Procurement Processes Just a few years ago, procurement and sourcing teams were mostly focused on negotiating contracts and maintaining relationships with suppliers. Today, these professionals are tasked with improving both their organisation’s procurement processes and their vendor networks. They are using machine learning and artificial intelligence to streamline processes and improve outcomes. For example, AI technology is being used to analyse transaction data, so patterns can quickly be identified, trends in spending can be monitored and more
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03/06/2022 10:27