Exploring the Role of Generative AI in Procurement, Contract Lifecycle Management, Supplier Risk Assessment, and Supply Chain Planning
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Abstract
Generative AI is transforming the landscape of procurement, contract lifecycle management, supplier risk assessment, and supply chain planning by enabling automation, data-driven decision-making, and predictive insights. This paper explores the integration of generative AI in these domains, highlighting its potential to streamline procurement workflows, enhance contract generation and analysis, mitigate supplier risks through predictive modeling, and optimize supply chain strategies. The study also discusses key challenges such as data privacy, model biases, and regulatory considerations. By examining real-world applications and emerging trends, this paper provides a comprehensive understanding of how generative AI is reshaping supply chain and procurement ecosystems.