AI in Procurement: From Bad to Good Data

Share on:
ai-in-procurement-from-bad-to-good-data

Watch instantly on-demand | 45 mins

Summary:

Data is crucial for procurement analytics and more fact-based decisions. Businesses are saturated with data information, and inputs from multiple internal and external sources. We often struggle with the fundamental ability to manage our data and transform it into actionable insights.

As a spend management solution provider, we often hear procurement professionals say “bad data in, bad data out”, this is a misconception. Artificial Intelligence (AI) can help you utilize all data irrespective of whether it's good or bad.

In this webinar, we'll showcase how we utilize the simplest statistical techniques to complex transformer models such as BERT to standardize and fill the missing holes in bad data. We'll also present how we can utilize natural language processing models to extract valuable data usually lost in free text description fields.

This'll be the first webinar in a series about AI in procurement. Here we'll focus on transforming "dirty" data into valuable procurement insights.

This webinar will cover:

  • A short introduction to what AI is and why it's an important step in data preparation for procurement analytics
  • How data processing with the help of AI can improve data quality, with example
  • Using third-party APIs and classification algorithms to enrich data, showcasing examples
  • A live demo of how Ignite Procurement drives smarter, fact-based insights

This webinar is suitable for professionals in procurement, finance, strategy, business development, and others with an interest in the topic.

Speakers

Mosaira Rhodes

Mosaira Rhodes

VP Data Science

Ingvill Andrea Røed

Ingvill Andrea Røed

Data Scientist

HubSpot Video