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Event Write-Up: World Procurement Congress, London, June 2022

Last week, we sponsored and attended the World Procurement Congress, hosted by Procurement Leaders, at the InterContinental Hotel London at The O2.

The event brought together industry leaders and top knowledge partners from around the world to network and discover new ideas in procurement and Supply Chain Management (SCM). The theme of this year’s event was ‘Challenging the Status Quo’, with sessions covering innovation, matters of Environmental, Social and Governance (ESG) and supply chain resiliency, as well as action plans and recommendations for driving positive impacts within organizations.

By bringing Eigen to the World Procurement Congress, we set out to educate on the value of intelligent automation and document processing, demonstrate our data extraction capabilities and answer any technical questions regarding our technology.

At our booth, our team consisting of Naief, Greg and Lily met with senior leaders in procurement and Supply Chain Management to learn about their current challenges including lengthy negotiation processes and uncertainty surrounding risks contained within a contract.

Another common topic was prior experience using document extraction platforms, where setting up solutions proved to be heavily time-consuming and complex. We took this opportunity to show how our no-code AI platform can deliver value out-of-the-box and enables business users to get started and scale quickly.

To summarize, the World Procurement Congress gave us the opportunity to learn more about the priorities and needs of delegates and educate them on our AI technology. Our three key takeaways were:

  • Digitization is vital for procurement, with leaders and key stakeholders looking to adopt solutions that create suitable ecosystems for evolving market conditions and enable sustainable growth.
  • The main objective of adopting intelligence-led data extraction tools is to future-proof procurement functions, with a growth in demand for integrations that support and complement Contract Lifecycle Management tools already in place
  • Out-of-the-box usability is highly desirable when it comes to implementing AI and users would prefer to configure, rather than build, solutions that can be integrated into wider ecosystems.

Learn more about using Eigen for Procurement and Supply Management, and read our blog to discover how Intelligent Document Processing can help overcome challenges associated with modern-day procurement activities.