Procurement 2.0: The AI evolution
Your procurement team isn't just about purchasing goods and services; it's about strategically optimising costs, quality, and efficiency. AI in Procurement can transform this process, providing intelligent solutions across all stages of procurement.
Research
With AI-driven procurement systems, businesses can quickly identify potential vendors, evaluate their performance metrics, and predict the best vendor fit.
AI in procurement can process large volumes of data to suggest the best purchasing strategies, factoring in market trends, business needs, and future forecasts.
Procurement strategy
Integrating AI into procurement enables accurate determination of a project's scope based on historical data. It also improves the precision of project cost predictions.
Scoping & estimating
Easily automate the creation of Request for Proposals (RFPs) or Quotations (RFQs) using AI-driven templates tailored to specific needs.
RFPs / RFQs
Use AI in Procurement to monitor vendor performance in real time, identify potential issues or improvement opportunities, and ensure all procurement activities remain compliant with internal policies and external regulations.
Monitoring & analytics
Using AI in procurement allows contracts to be drafted with all necessary clauses tailored to the specific purchase. The AI agent also accelerates contract reviews by automatically identifying risks with each change.