Reducing manual intervention
Automatic sourcing aims to streamline and optimize the procurement process.
Improving decision-making, and enhancing efficiency, ultimately helping organizations secure the best-value deals while saving time and resources
HOW IT WORKS
Efficient
Reduces errors, increases efficiency, and saves time and money for businesses by doing away with manual operations.
Strategic
Allows procurement experts to concentrate on more strategic duties like strategic sourcing and supplier relationship management.
Real-time
Real-time data and analytics enhance transparency and accountability in procurement processes.
Future-Proofing Through Technology
Businesses are adapting their supply chains to be more resilient in the face of disruptions caused by recent events like the pandemic. They are leveraging advanced technology to transform the roles of supply chain and procurement specialists.
Data-Driven Decisioning
Procurement has evolved into a paradigm of data-driven decision-making. Leveraging machine learning and artificial intelligence, organizations can derive actionable insights and recommendations based on real-time data and historical patterns.
However, before reaching full autonomy, procurement is likely to undergo a transitional phase known as augmented procurement. During this phase, human expertise is complemented by technology, fostering trust in algorithms and systems.
Empowering the Workforce
Technology not only streamlines repetitive tasks, allowing employees to focus on more strategic endeavors, but it also provides valuable insights to inform decision-making. With a workforce that embraces these technological advancements, the transition to autonomous solutions becomes feasible.
Autonomous Features
Each targeting specific aspects of the procurement process.
RFP Automation
RFP automation involves generating comprehensive RFP documents based on predefined templates and procurement requirements, minimizing manual effort and ensuring consistency.
Contract Management Automation
This type streamlines the contract lifecycle, from creation to expiration, by automating key contract management tasks and ensuring compliance.
Supplier Discovery Automation
This type focuses on automating the process of identifying potential suppliers by utilizing AI algorithms and data analytics to scan and assess supplier databases.
Bid Analysis Automation
Bid analysis automation employs data analytics to objectively evaluate supplier proposals, comparing factors like pricing, quality, and delivery terms.
Supplier Performance Tracking Automation
Supplier performance tracking automation continuously monitors supplier metrics, providing real-time insights for improved collaboration and decision-making.
Reshaping the procurement landscape
Automatic sourcing is revolutionizing procurement with efficient, data-driven solutions, optimizing processes, enhancing supplier relationships, and cutting costs. Embracing this technology is essential for businesses to stay competitive in dynamic markets.