Procurement and sourcing are cornerstones of any business operation, as they greatly influence the cost structures, quality of production, and overall profitability. They ensure a steady flow of the ...

The Fast Company Executive Board is a private, fee-based network of influential leaders, experts, executives, and entrepreneurs who share their insights with our audience. BY Guy Yehiav The ...

Artificial intelligence is fundamentally changing how companies buy goods and services, transforming procurement from a back-office function into a strategic business driver. Where procurement teams ...

Stefan Pollack is president of The Pollack Group and an adjunct professor at the USC Annenberg School for Communication and Journalism. The request for proposal (RFP) process is designed to ensure ...

While older platforms simply store and organize data, AI actively analyzes it to provide insights, predict outcomes, and in some cases, take action. This shift from passive data management to active ...

In practice, this can look like an AI-powered procurement platform automatically flagging when three different departments are buying similar software from three different vendors. AI can then suggest ...