IT Industry News. Daily.
Generative AI for procurement is at the Peak of Inflated Expectations, according to Gartner’s 2024 Hype Cycle for Procurement and Sourcing Solutions.
“GenAI can already enhance many different workflows in procurement and 73% of procurement leaders at the start of the year expected to adopt the technology by the end 2024,” says Kaitlynn Sommers, senior director analyst with Gartner’s Supply Chain Practice. Gartner’s Hype Cycle for Procurement and Sourcing Solutions evaluated more than 20 technologies impacting the procurement landscape in 2024.
Additionally, a set of emerging, AI-driven technologies neared the Peak of Inflated Expectations, including GenAI, autonomous sourcing, predictive analytics and conversational AI.In the last 12 months, GenAI use case availability has expanded greatly, with more capabilities being added by vendors across the sourcing and procurement landscape every month. Early prominent use cases include contract management, sourcing and supplier management.
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