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Rapid adoption and a multitude of credible use cases will quickly move GenAI to the Plateau of Productivity within two years.
”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 Gartner’s Kaitlynn Sommers, “this level of adoption, along with promising use cases, such as contract management, means GenAI will rapidly move through the Hype Cycle and reach the Plateau of Productivity at a faster rate than is typical for most emerging technologies in procurement.”
Figure 1: Hype Cycle for Procurement and Sourcing Solutions, 2024
Source: Gartner (July 2024).
Procurement technology vendors are integrating third-party large language models (LLMs) to provide more affordable access to GenAI capabilities in line with digital process support. These LLMs can adapt to provide recommendations and support based on the organization’s data and an individual’s procurement role, such as category manager or buyer.
“The window for building competitive advantage through early adoption of GenAI in procurement is narrowing,” says Sommers.
Sommers recommends that the best way to solve for these challenges is to launch targeted use-case pilots that will help clarify what capabilities can be scaled, while also monitoring developments from current vendors for opportunities to utilize GenAI without the need to build proprietary infrastructure from scratch.
Another AI success story is weather prediction:
The AI algorithm runs up to 40,000 times faster than a conventional weather model
https: www space com/google-ai-weather-models-cape-canaveral-rocket-launches
Sorry, URLs are no longer allowed apparently.