In 2024, Data Quality and AI Will Open New Doors
insideBIGDATA, Wednesday, May 1st, 2024
In 2023, geopolitical events, extreme weather, economic instability and other disruptions prompted many executives to scrutinize their supply chains. The verdict of this audit? Too many organizations still lack access to high-quality, trustworthy supply chain information, including supplier data that enables informed financial reporting.
Lack of supply chain visibility and financial transparency will prove increasingly problematic as resilience becomes a more critical competitive advantage in the new year. Biden's most recent executive order (EO) regarding supply chain operations foreshadows the importance of heightened transparency and adaptability in 2024. Many experts believe the EO will necessitate redoubled investments in data hygiene, including accuracy and inter-organizational sharing capabilities.
Fortunately, superior supplier data is more achievable than ever, thanks to recent AI and machine learning (ML) advances. Moreover, the ROI offered by AI solutions in the procurement space is undeniable. Let's review the progress that AI-backed data solutions made in 2023 and assess how superior data quality can address some of the most pressing procurement challenges this year.