If you were a buyer for an Automobile Company which manufactures Cars and you had a supplier who gives you a quote for tires, how could you determine that the price quoted is fair and reasonable? ✅️𝗗𝗼 𝗮 𝗧𝗼𝘁𝗮𝗹 𝗖𝗼𝘀𝘁 𝗼𝗳 𝗢𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀. The total cost of ownership includes the purchase price of items, and

Procurement maturity models serve as valuable frameworks for businesses to assess their procurement function’s effectiveness and identify areas for improvement.These models typically define various stages of progress and capabilities and characteristics associated with each level. 𝐖𝐡𝐚𝐭 𝐚𝐫𝐞 𝐭𝐡𝐞𝐲?1. 𝙀𝙢𝙚𝙧𝙜𝙞𝙣𝙜 𝙎𝙩𝙖𝙜𝙚: 🌱 Image: A seed sprouting from fertile soil, symbolizing the initial growth and development of the procurement function.

 𝗨𝗦𝗘 𝗖𝗔𝗦𝗘𝗦 𝗢𝗙 𝗔𝗜 𝗜𝗡 𝗣𝗥𝗢𝗖𝗨𝗥𝗘𝗠𝗘𝗡𝗧 ✅️𝗦𝗽𝗲𝗻𝗱 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀: AI can analyze vast amounts of procurement data to identify spending patterns, trends, and potential cost-saving opportunities. ✅️𝗦𝘂𝗽𝗽𝗹𝗶𝗲𝗿 𝗦𝗲𝗹𝗲𝗰𝘁𝗶𝗼𝗻 and Evaluation: AI can assist in supplier selection by evaluating large databases of suppliers based on predefined criteria. ✅️𝗗𝗲𝗺𝗮𝗻𝗱 𝗙𝗼𝗿𝗲𝗰𝗮𝘀𝘁𝗶𝗻𝗴: AI algorithms can analyze historical purchasing data, market