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5 Ways Artificial Intelligence has Transformed Procurement Software

Exploring the benefits of AI-enabled purchase & procurement software.

Spend Management & Analytics is hardly a new concept in eProcurement. Spend Analytics technology has existed for several decades now, and yet a remarkable number of procurers become overwhelmed at the very idea of handling large amounts of data, leave alone making any sense out of it. This is mainly because Spend Analytics technology in the past has proven itself to be limited in performance when compared to its human counterparts.

The good news is, the world of technology is pacing faster than ever before. We bring to you five previously existing problems that are now being overcome by cutting-edge procurement software solutions-

  1. Perfecting the Accuracies

Due to dependency on human intervention, historical technologies were at best 80% accurate when it came to statistical mapping whereas spend analysts could achieve the 98% mark. Today, AI-based procurement software can classify spend data up to 98% on its own.

  1. Calculating the Risks

Artificial Intelligence is changing the procurement game by integrating external data such as financial risk, sustainability scores, competitive benchmarking, and comprehensive commodity data feeds in order to map out potential risks with the help of squeaky clean data.

  1. Adding Invaluable Value

Moving beyond basic spend analysis processes AI-based procurement software give you invaluable insight into precisely cleansed and classified data trends that enable you to yield surplus value to your stakeholders.

  1. Strategising the Sourcing Process

The conventional procurement approach focused on reducing and recovering supplier costs. By deploying contemporary machine learning mechanisms, strategic sourcing has now made it possible to obtain real-time spend analysis reports. This makes you better armed with information about market conditions and suppliers at every step of the sourcing process.

  1. Managing Suppliers Intelligently

AI-enabled catalog management, purchasing management software, and procurement software can handle more than just transactional data. An eProcurement empowered organization will be able to visualize additional factors such as inventory turnover warehouse optimization. You can watch your costs of doing business with a certain supplier and evaluate this relationship over time.

Artificial Intelligence has progressively changed the face of procurement software and spend management with cleansed and categorized data with deep learning methods. With a host of features such as real-time classification and competitive benchmarking, AI-based procurement software is certainly the answer to the procurement questions of tomorrow.

Purchasing Platform is a unique eProcurement solutions catalog marketplace that offers intelligent P2P or procure to pay solutions and eSourcing for small and mid-sized businesses. A cutting edge B2B marketplace and procurement platform, Purchasing Platform offers custom eProcurement suite

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5 Ways Artificial Intelligence has Transformed Procurement Software
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5 Ways Artificial Intelligence has Transformed Procurement Software
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Spend Management & Analytics is hardly a new concept in eProcurement. Spend Analytics technology has existed for several decades now, and yet a remarkable number of procurers become overwhelmed at the very idea of handling large amounts of data, leave alone making any sense out of it. This is mainly because Spend Analytics technology in the past has proven itself to be limited in performance when compared to its human counterparts.
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Purchasing Platform
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