GenAI is revolutionizing procurement by tackling complex contract management challenges head-on. By automating routine tasks like analysis and risk assessment, it frees up procurement teams to focus on strategic decision-making. With its ability to analyze vast amounts of data, GenAI uncovers hidden risks, ensures regulatory compliance, and accelerates contract turnaround times. Beyond contracts, its applications span supplier evaluation, demand forecasting, cost optimization, process automation, and market intelligence, driving overall procurement efficiency and savings.