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AI Use Cases and Opportunities in S2P - Ward Karson from Raindrop
Episode 81st May 2024 • The Procurement Software Podcast • James Meads
00:00:00 00:32:30

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On this episode of The Procurement Software Podcast, host James welcomes back Ward Karson, COO of Raindrop. They discuss how AI applications in source-to-pay technology can be confusing, and how organisations can best navigate the vast array of solutions available. Ward, a veteran procurement professional, shares valuable insights to help listeners stay ahead in the ever-evolving procurement landscape. Tune in for expert advice on embracing change and ensuring that new, cutting edge developments in procurement and not confused with old technology masquerading as the new.

AI in Source-to-Pay: Use cases and opportunities

In the latest episode of The Procurement Software Podcast, Ward Karson, COO of Raindrop, returned to discuss the transformative impact of AI on the source-to-pay space Ward discusses how generative AI is a game-changer versus traditional AI and other types of machine learning and process automation. The conversation highlighted the shift from traditional technologies like RPA (Robotic Process Automation) and OCR (Optical Character Recognition) to advanced AI, including generative AI, exemplified by tools like ChatGPT. Ward clarified that while RPA is process-focused, AI leverages data and generative AI can autonomously create content such as contracts. Ward stressed the necessity of mastering basic procurement operations before advancing to more complex technologies. He showcased how modern Source-to-Pay (S2P) suites like Raindrop enhance efficiency, cut operational costs, and minimise administrative tasks, potentially rendering Business Process Outsourcing (BPO) in transactional services obsolete to some extent. The conversation also explores the business case of choosing BPO vs. technology, and how to present the numbers in order to get the political capital required to be given the budgets. Timestamps: [00:00:48] Greenfield procurement technology investments [00:04:32] Technological advancements in spend analytics [00:05:30] Importance of Spend Analytics [00:08:41] Procurement team efficiency strategies [00:13:12] Niche category specific tools [00:15:10] Focus on Category-Specific Tools and Solutions [00:16:01] Eliminate, automate, delegate for efficiency And that wraps up another episode of The Procurement Software Podcast! Thanks to Ward for sharing his insights with us today, and thank you again for listening. We'll be back at the same time next week, so see you there. If you want to learn more about Ward, Raindrop or Procurement Software, check out the useful links below.

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