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You already use AI and machine learning (ML) everyday, even if you don’t know it.

Amazon uses it to make reading and product recommendations based on past decisions and purchases made.

Facebook uses ML for face-tagging after a photo is uploaded. Machine learning, however, is the technology that will have more of an immediate impact for procurement.

A recent TED Talk discussed a computer that created a 3-D-printed cabin partition that’s stronger than the original but half the weight. Because using the internet, that computer was able to analyze all of the available data, data you or I may not have considered, to create something better and stronger than currently existed. Before diving into the benefits of AI and machine learning, the two terms, while different, get used interchangeably and require some definition.

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It’s backed by real assets and attached to stable government securities. Lead Generation Flows in Messenger The biggest element of the update is the launch of Messenger lead generation templates, which Facebook first previewed at its F8…Linked In's Sales Navigator business platform turns five years old this week.

For everyone…Over the past 7 years, I’ve learned a lot about digital marketing and SEO.

Able to quickly scan all contract data, using NLP machine learning can automatically extract important information from a contract — names, organization and vendor information, the contract signature date, renewal dates and more — meaning the hundreds or thousands of contracts you have, and those created in the future, can be auto-tagged with the right companies, the right data, the right deadlines and automatic renewal alerts can be set. ML can also identify patterns within procurement processes to identify areas for improvement — a sticking point where contracts consistently get delayed; a better vendor that matches your preferred vendor profile that would work better, deliver greater savings; a combination of new workflows that can reduce contract completion cycle times or onboard suppliers faster.That same pattern recognition and predictive analytics can identify when the majority of contracts are signed, helping procurement accelerate signatures and shorten cycles drastically. One of procurement’s biggest opportunities for savings is during negotiation. Searching through the history of the contracts with that specific supplier or suppliers that match their profile, ML can highlight opportunities for savings or growth, capturing revenue that would have otherwise been missed.Many factors contribute to missing out on revenue, and many of those factors you or I wouldn’t catch unless we read through each and every contract. What machine learning and AI really come down to is savings, in both money and time, and helping procurement deliver more value. They can’t do the strategic tasks you want to do, but they will automate the administrative tasks you don’t want to do.Procurement solutions don’t encompass contract management, and technology-enabled as they may make you may feel (especially compared with what you had only a couple years ago), leave you with the manual, administrative tasks that keep you from more meaningful work.Machine learning (ML), with 1) a more comprehensive view, 2) a more complete understanding and 3) a better ability to keep up or never be distracted, can automate those tasks, and use your contract data to deliver insights that will create tremendous opportunities for increased profit, efficiency, savings and accelerated growth without you lifting a finger.

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The world is already experimenting with the limitations of ML with significant success.

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