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.
With AI in procurement, it can analyse vast data sets to recommend optimal purchasing strategies, considering market trends, company requirements, 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
Monitor vendor performance in real time using AI in Procurement, highlighting areas of concern or opportunities for improvement and ensuring all procurement processes align with internal and external compliance standards.
Monitoring & analytics
By employing AI in Procurement, it drafts contracts, ensuring all required clauses are included and customised for the specific procurement. The AI-powered Copilot also speeds up contract reviews by automatically assessing risks with each change.