Business View Magazine - Mar 2024

better stakeholder collaboration, and leverage data and insights to help support USNH’s strategic goals system-wide.” “At Workday, our relationships with our customers goes beyond technology - we are committed to helping our customers maximize our solutions to see value realized,” Steele elaborates. TRANSPARENCY, COMPLIANCE, AND MITIGATION Amidst the pursuit of efficiency and value, USNH prioritizes managing risks in procurement.As a public organization, transparency, fairness, and compliance are crucial in selecting suppliers and negotiating contracts. USNH works to reduce risks like fraud, compliance issues, and supply chain disruptions through due diligence, alignment with stakeholders, and continuous supplier monitoring. Dubroff promotes how the University System of New Hampshire uses artificial intelligence (AI) and machine learning (ML) to improve its procurement operations. He highlights several AI-driven initiatives to boost efficiency, accuracy, and stakeholder satisfaction. One of the applications of AI/ML at USNH is within the Jaggaer platform where machine learning algorithms are employed to automate manual processes and streamline workflow. For instance, the Digital Capture feature utilizes OCR technology to scan and extract information from invoices, facilitating rapid processing and matching with purchase orders. This has significantly reduced the time and effort required for invoice management, leading to expedited transaction processing and enhanced data accuracy. THE POWER OF AI TECHNOLOGY Additionally, USNH is in the process of implementing a Contracts AI solution within the Jaggaer platform. This innovative tool leverages AI algorithms to analyze contract documents, identify key clauses, and compare them with predefined terms. USNH can mitigate risks, ensure compliance, and expedite contract approval processes by automating the review and validation of contract terms and conditions. This represents a significant advancement in contract management efficiency and risk mitigation capabilities. USNH has integrated AI-powered chatbots into its procurement processes to facilitate communication and information retrieval. These chatbots utilize natural language processing (NLP) algorithms to understand user queries and provide relevant responses or resources. By leveraging AI-driven chatbots, USNH aims to enhance user experience, accelerate information access, and improve efficiency in procurement-related interactions. THE FUTURE OF PROCUREMENT AT USNH USNH’s embrace of AI underscores its dedication to using advanced solutions for better procurement. 129 BUSINESS VIEW MAGAZINE VOLUME 11, ISSUE 03 UNIVERSI TY SYSTEM OF NEW HAMPSHIRE