Wasted time. Missing invoices. Late payments. Finding out you were charged how much for what?
Procurement is a necessary and immense part of any business. Managing, monitoring, and crunching numbers from that part of your business probably takes a lot of time and effort. In fact, organizing and cleansing your spend, purchase, and supplier data to get it to the analysis process likely takes your team days to weeks to pull together.
What if all your procurement data was automatically aggregated and organized into one easy-to-read dashboard with real-time data?
AI in procurement is not some tale of “coming soon” technology to the market—it is here now. This powerful way of organizing, analyzing, presenting, and even identifying patterns and making predictions can help you save time, money, and gain a significant edge on your competitors.
Whether your procurement process is causing you just a few pain points, or is the source of a lot of missing information, Suplari’s Intelligence Platform can help.
Here are three major reasons why we know AI is a game-changer in procurement—for any business.
AI delivers accurate data in real time
It’s responsive, it’s self-teaching, and it can be applied to any existing procurement system to ingest, sort, and analyze data—all in 30 days or less.
Suplari’s Intelligence Platform is not a rip-and-replace tool. It sits on top of your current platform and begins to normalize, categorize, and unify your data. And you can watch it all unfold on your dashboard in real time.
We’ve found that a typical procurement team refreshes their data only about once a year because it takes so long to recreate the wheel and repeat this time-consuming process. Suplari can do that refresh every month and with better accuracy.
Because AI also eliminates the margin for error, you can trust the data. For every new business applying our AI tool, we walk you through how it works, so you can see for yourself the AI cleansing and categorization process specific to your own data.
AI delivers incredible ROI
If someone offered you a tool that would save you two to six weeks worth of work, would you be interested?
Suplari’s Intelligence Platform is already doing just that for our clients. We’re finding that when our AI algorithms are applied to any new business, within three months it gives back valuable time to your data and analytics team by compiling and analyzing the data for them.
Additionally, our Intelligence dashboard is so clear and easy-to-use that any department in your organization that needs access to that data can pull it up—they don’t need to go to your data and analytics team for answers. Other teams are empowered to investigate your organization’s procurement process and identify valuable adjustments.
AI is just getting started
We are only beginning to uncover AI’s potential for procurement.
Without programming or human input, AI can crunch and process purchasing and spend data, recognize and learn patterns, and make predictions. Once it’s paired with other data sets—contracts, purchasing data, travel and expense—it continues to improve, and makes better decisions, faster.
No other technology can pull together billions of transactions and data points from disparate sources and effectively analyze it in real time like AI.
In the near future, AI is also setting itself up to work in tandem with chatbots to take on more difficult challenges and freely make decisions. Together, these tools are showing the potential to create a simulated procurement service across your organization that will save even more time, reduce waste, and discover hidden opportunities for increased profit and growth.
Ready to see how it works? We make it easy to try our AI-driven Intelligence platform. Learn more about our three-month paid pilot and see how we can streamline the procurement process in your organization today.
Suplari helps procurement and finance organizations uncover the hard-dollar cost savings hidden inside millions of data points. By analyzing millions of sourcing transactions from disparate data sources, Suplari’s AI-driven platform generates the insights needed to reduce spend, increase compliance, and improve employee productivity. Our mission is to enable procurement organizations to achieve higher levels of operational intelligence, efficiency and effectiveness, so that their companies can invest in growth, innovation and their people. For more information, contact firstname.lastname@example.org.