In this episode of The Procuretech Podcast, host James Meads discusses the use of Generative AI in spend and data analytics applications with Sam Clive, Head of Product at Rosslyn.
Sam recently delivered a keynote on this topic at ProcureCon EU, and James attended this presentation and thought it would make a great podcast. They dive into the potential of Generative AI and its impact on procurement.
Tune in to learn more about how this technology is shaping the future of procurement.
Generative AI and spend classification: is it accurate?
The episode delves into the challenges faced by traditional AI and machine learning approaches in spend analytics, mainly due to overcoming data quality issues in customer data.
Rosslyn undertook the challenge to try to understand whether Generative AI could solve this problem. In collaboration with industry giants and universities, they sought an answer and a process to run some experiments.
Classification is a subjective task. It has been historically difficult to standardise. To address these challenges, the episode explores the use of Generative AI as a possible solution. This technology could automate data classification, providing insights and making spend analytics more accessible, even for smaller businesses.
In their recent trial, Rosslyn found that Generative AI has the potential to revolutionise data classification, improving efficiency and accuracy while democratising its use.
[00:01:37] Introducing Sam Clive of Rosslyn.
[00:03:54] Challenges in spend analytics.
[00:07:19] GPT and its capabilities.
[00:11:23] AI’s decision-making transparency.
[00:16:08] Line item data challenges.
[00:19:13] Generative AI and language understanding.
[00:23:12] Bringing data together en masse.
[00:25:28] Generative AI-driven spend analytics.
[00:29:15] Our Digital Procurement 101 Course.
And that wraps up another episode of The Procuretech Podcast!
Thanks to Sam for sharing his insights with us today, and big thanks to you for listening. We’ll be back at the same time next week, so see you there.
If you want to learn more about Sam Clive, Rosslyn or Procurement Software, check out the useful links below.