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When Bristol Myers Squibb set out to overhaul its procurement function using artificial intelligence, it made a deliberate choice: move forward without waiting for perfect data.
“We’re getting our data right as we go along,” Rhonda Griscti, executive director of digital strategy and global process lead at the pharmaceutical company, said in an interview.
The gamble has paid off, resulting in a much faster process for soliciting and evaluating bids from suppliers, among other improvements, according to Griscti.
“We’ve gone from six to nine months on average to less than 30 days for our RFP [request-for-proposal] process,” she said.
