Widespread applications of AI mean that AI is at the forefront of everyone’s mind. It poses a lot of questions for procurement, such as: what does it mean for the future of my industry? What does it mean for my role? And chiefly, how can I use Artificial Intelligence to improve my productivity, and ultimately make my job easier?
These are our top five ways AI can be used to improve procurement.
AI Assistant
Having a tool at your disposal that answers questions, provides guidance and assists with supplier management tasks, can increase productivity via instant support and guidance.
ARCUS® Supplier Management Software now has the option for an AI assistant to help you with supplier management.
Whilst public AI tools generate insights using publicly accessible information, our AI assistant uses your information to generate insights on your supply base, whilst keeping your data within a secure and controlled environment.
Document Information Extraction
Do you find your suppliers need to upload certifications, then rekey that information into a questionnaire? Another application of AI in procurement is using it to reduce administration.
ARCUS® AI allows users to upload documentation, then use the information within the documentation to populate questionnaires, eliminating the need to rekey information. This also reduces the possibility of error during the rekeying process and reduces the workload for your suppliers.
Supplier Synopsis
Need to quickly find some details about your supplier? It’s easy to spend too much time looking for supplier information, but using AI you can summarise supplier details swiftly and concisely.
By providing concise overviews of supplier information, organisations can make swift, data-driven decisions by having the data readily available.
This functionality can be extended to supplier contracts. For example, if you need to find out more information about a specific clause, AI can summarise it for you. This saves you from combing through a large contract to find specific details.
Task Review
Prioritising tasks can be a real challenge when managing supply bases that hold hundreds to thousands of supplier records, so why not use AI to review your current tasks?
ARCUS® AI now features AI-powered task reviews within our workflow-based solutions. This allows users to more easily prioritise tasks by reviewing task data and highlighting areas to prioritise. This improves efficiency, reduces risk, and helps to increase productivity.
Document Scanning and Verification.
You can use AI to validate supplier documentation, making sure certifications are correct, and in-date. This improves data quality, as well as confidence in supplier compliance. There’s the additional benefit that the need for manual checks is essentially eliminated.
ARCUS® AI validates supplier documentation with 99% accuracy, flagging any discrepancies or errors.
Applications of AI in Procurement
With ARCUS® AI, you can unlock the benefits of AI-powered efficiency and streamline your procurement processes.
It proactively identifies potential risks and compliance issues, ensuring a secure and efficient procurement process. This reduces the likelihood of errors and oversights, whilst saving valuable time.
If you’d like to learn more about how our AI functionality within ARCUS® can enhance you source-to-contract process, book a consultation with a member of the team today.