Artificial intelligence beneficial impacts on procurement organizations

Abstract

This paper aims to investigate the benefits of artificial intelligence on the procurement function. The research for this paper included peer-reviewed scholarly journals, the Harvard Business Review, The Institute for Supply Chain Management, and current event information with artificial intelligence via large news companies. The research provided indications and recommendations in cases where artificial intelligence is incorporated within the procurement process in data quality improvement, fraud detection and prevention, negotiations, supply chain risk, and ethics. In addition, the research gave insight into how the vendor/supplier relationship could shift through interactions with artificial intelligence. However, like with any new technology, there are concerns about ethics and access to the source code in how artificial intelligence makes choices. Companies should be concerned that artificial intelligence could bypass ethics initiatives due to an incomplete artificial intelligence focused primarily on finding goods and services that reduce cost.