The value of relentlessly identifying and capturing procurement savings has always been a critical activity for companies irrespective of size, industry or location. In the first of our series on procurement savings find out why AI is a critical ingredient for a successful savings program.
Procurement is an essential function in all companies. It covers the process of buying every item that is required in an organization, from machinery and computers all the way down to toilet roll and everything in between. Procurement isn’t just about buying & sourcing but buying & sourcing efficiently by finding the best quality and best price for each item. Demand estimation, supplier evaluation, inventory management, logistics etc. are all hallmarks of a robust Procurement function.
Companies collect Procurement related data in a multitude of ways ranging from excel spreadsheets, custom software or complex ERP systems. But the sheer volume of data has necessitated a relook at how this data is captured and what value one can derive from it.
While companies have loads of data, the lack of uniformity in data formats, structures, nomenclatures, granularity and lack of completeness of this data makes it extremely challenging to use. This messy, ‘dirty’ data is also often fraught with errors due to manual data entry processes. As the data bank grows, the errors in the data bank multiply and any analysis ends up being a case of ‘Garbage In — Garbage Out’.
Enter UNCOMPLICATE.AI, and the equation changes entirely! At UNCOMPLICATE.AI we clean and enrich the data so that it can be used effectively to gain valuable insights and identify cost savings. We leverage advanced AI in procurement to unlock value and achieve efficiencies. Using sophisticated Machine Learning algorithms and Natural Language Processing (NLP) techniques, we can have insights delivered on a timely basis on where the savings and other opportunities are present. This frees up the Procurement managers to focus on their most critical job - delivering bottom-line, hard dollars impact!.
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