The Chartered Institute of Procurement and Supply (CIPS) MENA hosted an exclusive masterclass on ‘AI in procurement’ at Burj Al Arab in Dubai, shining a spotlight on how artificial intelligence is set to revolutionise procurement, enabling more efficient and strategic supply chain management.

The masterclass titled The Science of Identifying, Utilising, and Automating Expertise, explored the strategic use of AI to automate decision-making, streamline processes, and improve supplier management.

CIPS is leading the conversation on upskilling procurement professionals to adapt to these advancements.

Sam Achampong, Regional Director of CIPS Asia, Australasia, Middle East, and Africa (AMEA), said: “At CIPS, we are at the forefront of driving innovation in procurement practices. The role of AI in procurement isn’t just about automation, it's about equipping procurement teams with the tools to combine cutting-edge technology with human intelligence.

“By doing so, we can achieve greater efficiency, make more informed decisions, and ultimately deliver more value.”

Achampong added that CIPS is committed to revolutionising ways of working by blending AI with the expertise of procurement professionals.

“While AI can handle data and streamline processes, the human element remains crucial in areas like strategic thinking, negotiation, and relationship management. At CIPS, we recognise that upskilling teams to work alongside AI is key to the future of procurement,” he added.

Dr Pascal Evertz, who facilitated the session, shared insights into the limitations of traditional procurement practices, emphasising how AI can empower procurement professionals and revolutionise the industry.

He said that 98% of projects face performance issues, and the European Union alone reported a staggering €142 billion in project failure costs in 2004. Addressing these challenges, Dr Evertz explained that leveraging AI could reduce project costs by 10-30%, enhance decision-making, and minimise risks.

"AI is not just a tool for automation; it's a strategic asset that allows procurement professionals to harness expertise, drive value, and reduce inefficiencies.

"By utilising AI-driven tools and reducing micromanagement, we can simplify complex transactions, helping vendors perform better and saving significant costs in the process,” said Dr Evertz.

The masterclass concluded with interactive discussions on AI's role in procurement, exploring use cases and practical applications for the future. It also highlighted how AI can assist in various phases of procurement, including vendor selection, risk management, and contract execution. – TradeArabia News Service