Automating Procurement Practices Using Artificial Intelligence
Automating spend analysis for procurement practices, our novel three-component classification model processes unstructured spend texts to replicate expert decision-making. Using data from Cranswick PLC, our model improves supplier categorization accuracy and identifies cost-saving opportunities, with projected annual savings of £16–£22 million.
Authors
- Onesun Steve Yoo (ORCID: https://orcid.org/0000-0002-5270-7011)
- Bert De Reyck (ORCID: https://orcid.org/0000-0001-7991-6350)
- Xingyi Li (ORCID: https://orcid.org/0000-0001-9875-0165)
- Viviana Culmone
Institutions
- University College London (GB)
- Singapore Management University (SG)
Publication Details
- Journal
- INFORMS Journal on Applied Analytics
- Published
- 2025-01-09
- DOI
- https://doi.org/10.1287/inte.2023.0099
- Citations
- 3
- Primary Topic
- Auction Theory and Applications
- Type
- article
- Field-Weighted Citation Impact
- 6.32