It’s important to define the difference between high- and low-quality data. Markers of high-quality data include:
Completeness: Capturing and ensuring the availability of essential supplier information
Validity: Ensuring data aligns with predetermined formats and standards applicable to procurement tasks
Consistency: Ensuring consistency in the recording and storage of japan whatsapp number data supplier information, such as implementing a documented taxonomy
Timeliness: Having the assurance of accessing the latest supplier information when making procurement decisions
Complete, valid, consistent, and timely data enables better business practices, including more beneficial GenAI integrations.
Successful GenAI implementations drive competitive advantages in several core functions. According to McKinsey, leading AI adopters cite the following as their top objective for GenAI:
Increased revenue (27%)
New business and/or revenue sources (23%)
Cost reduction (19%)
Overwhelmingly, these competitive advantages are realized through (1) product and service development and (2) risk and supply chain management, the latter of which significantly impacts an organization’s ability to succeed. GenAI tools can simulate risk scenarios through simple chat functions; analyze historical data and market conditions to identify potential risks; and support the supplier identification process by vetting thousands of data points to provide concise supplier insights. Each of these capabilities contributes to an organization’s ability to mitigate supply chain risks and associated financial penalties, including non-compliance fines.