Autonomous Procurement is an emerging business concept that is gaining traction in the corporate world. It is defined as the process of automating the procurement process, from the initial request for goods or services to the final payment. Autonomous Procurement uses artificial intelligence (AI) and machine learning (ML) to streamline the procurement process, allowing companies to quickly and efficiently source goods and services from the best vendors. Autonomous Procurement also helps companies to reduce costs, improve efficiency, and reduce risk by eliminating manual processes and errors. Autonomous Procurement can be used to identify the best vendors for a particular product or service, compare prices, and select the best option. Additionally, Autonomous Procurement can be used to automate the entire purchasing process, from ordering to delivery, ensuring that all orders are fulfilled in a timely and cost-effective manner. Autonomous Procurement is quickly becoming an essential tool for businesses looking to maximize their efficiency and reduce costs.
