What AI use cases in Procurement have freed up the most capacity within your team?
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1. AI tools can autonomously select suppliers, suggest pricing, and finalize sourcing with minimal human oversight, which can dramatically reduce the time required for RFIs, RFPs and RFQs. Look to apply this for lower volume commodity purchases.
2. Use AI to generate contract clauses based on predefined goals and attributes such that anyone can draft contracts as a precursor to a formal legal review, without requiring legal to do the writing.
3. Use AI to perform spend analytics and uncover patterns, anomalies and savings opportunities.
4. Use AI to enable autonomous 3-way matching between invoice, PO and receipts - flagging discrepancies and resolving them in real time.
5. Use AI to profile suppliers, predict risk and recommend mitigation strategies using real-time scoring and analytics.
6. Use AI to compare products and vendors based on a set of weighted criteria and save myriad hours through the process, which will help you ascertain if the evaluation you are conducting is on track or if there are additional criteria/products/vendors that should be included.
Have you been able to take either of them to production?
The first described solution is in production on Fairmarkit. Number 5 and 6 are also heavily used, but these are more a process of prompting with a set of existing criteria, vendors or suppliers selected. Two, three, and four are in development.
Quickly being able to gather website data e.g. pricing, certifications, sustainability metrics, product availability, BBB complaints, product descriptions, SIC codes, employee reviews, customer complaints, pending legal issues, etc. Also to put all of the information into the spreadsheet including the contact information, etc.