Procurement is always looking for ways to increase their efficiency, freeing up more time to invest in strategy and relationship building. Although AI holds a lot of promise on that front, not all teams are sure quite where to apply it.
Interestingly, supplier negotiation preparation - one of procurement’s core competencies - may provide just the use case they are looking for.
In this episode of The Sourcing Hero podcast, Host Kelly Barner welcomes Nithin Mummaneni. Nithin is the Founder and CEO of Infinity Loop, a SaaS platform that supports procurement with supplier negotiations by automating deal reviews, uncovering negotiation opportunities, and driving cost savings.
Highlights
Nithin talks about how AI can supplement rather than replace procurement’s efforts to prepare for supplier negotiations:
- How procurement teams are capturing and reporting on the ROI from AI investments
- The culture shift he sees in organizations where procurement is developing more expertise in house and relying less on external consultants
- What he has seen in terms of the expansion of procurement’s relationships and influence internally, once they have the time to focus on strategic v. tactical work
