This webinar discusses the potential of AI in property management, specifically in vendor workflows. The panelists highlight the importance of defining AI and aligning it with organizational goals. They emphasize the need for communication and collaboration between technology and business teams. The discussion focuses on the areas where AI can improve vendor workflows, such as sourcing, compliance, management, and procurement. The panelists mention opportunities for AI in contract analysis, risk assessment, policy matching, and supply chain mapping. They also discuss the potential for AI to automate and streamline the bidding process. The conversation covered key pain points in the market, including document analysis and alignment, bid analysis, and scope of work creation. The panelists discussed the need for a deep understanding of AI and the risks and consequences associated with the technology. They emphasized the importance of education and continuous discussions about the potential of AI in business. The panelists also highlighted the need for strong vendor risk management and cybersecurity measures. They advised starting with small steps and prioritizing solutions that address specific pain points.

Takeaways:
- AI can improve efficiency, accuracy, speed, cost savings, and risk mitigation in vendor workflows.
- Defining AI and aligning it with organizational goals is crucial for successful implementation.
- Communication and collaboration between technology and business teams are essential for leveraging AI effectively.
- Opportunities for AI in vendor workflows include contract analysis, risk assessment, policy matching, and supply chain mapping.
- Automating and streamlining the bidding process using AI can lead to significant improvements. Key pain points in the market include document analysis and alignment, bid analysis, and scope of work creation.
- A deep understanding of AI is necessary to fully leverage its capabilities.
- Continuous education and discussions are important to explore the potential of AI in business.
- Strong vendor risk management and cybersecurity measures are crucial when adopting AI technology.
- Start with small steps and prioritize solutions that address specific pain points.