GENERATIVE AI PLATFORMS IN PROCUREMENT

Procurement Magazine takes a look at 10 of the leading technology players in procurement and how they are innovating with generative AI

WRITTEN BY: GEORGIA WILSON/GLEN WHITE

Generative AI platforms can play a significant role in enhancing various aspects of procurement processes. These platforms leverage artificial intelligence (AI) and machine learning (ML) techniques to generate, analyse, and optimise procurementrelated data, leading to more efficient and effective procurement strategies.

Procurement Magazine takes a look at some of the ways ‘Generative AI platforms’ can be used in procurement:

• Demand forecasting

• Supplier selection

• Price optimisation

• Contract analysis

• Fraud detection

• Supplier relationship management (SRM)

• Market intelligence

It’s worth noting that while Generative AI platforms can offer valuable support in procurement processes, human expertise and judgement remain crucial. The technology should be seen as a tool to augment human decision-making and streamline processes, rather than a substitute for human involvement.

Basware 10

Basware, the go to provider for financial leaders to automate their complex and labour intensive invoice processes to achieve a new level of efficiency.

When it comes to AI and ML, Basware offers many capability benefits across the P2P cycle. From invoice capture and data extraction, to coding and matching, Basware’s innovative AI and ML technologies adds value for procurement and finance professionals to accelerate processing times, reduce the need for manual effort, and eliminate errors.

basware.com

Jaggaer 09

Dedicated to creating solutions that provide the most intelligent, transparent, frictionless commerce in the markets it serves, JAGGAER has been operating in the procurement industry for more than 25 years.

When it comes to procurement contract management, JAGGAER has just the tool. Powered by AI, ML and optical character recognition (OCR) technology, ‘JAGGAER Contracts AI’ can support procurement professional thought the entire journey. The benefits of JAGGAER Contract AI include reduced project cost; risk management and understanding risk and obligations; reduced revenue leakage; and increased speed and efficiency when it comes to contract review and deal velocity.

jaggaer.com

Globality Zycus

Globality, a leader in autonomous procurement. Using sophisticated AI, enables leading global companies to optimise how they spend their money to improve their profits, advance their purpose, and extend their impact.

In particular ‘Glo’ – Globality’s innovative AI-based technology – is designed for autonomous sourcing, provdiing ‘delightful user experience’, ‘intelligence’, and ‘data driven insights’. With Glo as an AI partner, procurement professionals can be guided through each step of the sourcing journey by precisely scoping requirements, instantly providing best-fit suppliers, giving insights to help assess supplier proposals, and enabling users to make the right decisions.

globality.com

As a pioneer in Cognitive Procurement software and a trusted partner of choice for large global enterprises, Zycus powers its S2P software with the revolutionary Merlin AI Suite. Merlin AI takes over the tactical tasks for procurement professionals and empowers procurement and AP officers to focus on more strategic projects.

Specifically Merlin AP automation zycus.com

AI procurement software is a self-learning aterficially intelligent solution with two unique products – AP Smart Desk and Invoice Reader. The two combined offer enhanced productivity, reduced turnaround time, maximised savings, and minimised payment related risks for its users.

Oracle Fusion Cloud Procurement

Offering procurement professionals with an integrated source-to-settle suite that automates business processes, enables strategic sourcing, improves SRM and simplifies buying.

Key features of Oracle Fusion Cloud Procurement to improve operational efficiency include:

Streamlined shopping and spend management

Manage direct materials, services, and complex procurement

Increase agility with SRM

Deliver greater value through strategic sourcing

Manage supplier contract lifecycle and compliance

Increase business value through analytic insights

Improve supplier collaboration and productivity oracle.com

Ivalua

Believing in revolutionary abilities of digital transformation for supply chain sustainability and resiliency to unlock the power of supplier collaboration, Ivalua is a leading provider of spend management solutions.

The company’s single and unified platform helps customers to efficiently manage all supplier relationships and spend, by providing insightsa to make better and faster decisions, automation to free capacity for strategic objectives, and collaboration tools to effectively engage suppliers.

ivalua.com

Gep 04

A leading provider of innovative procurement and supply chain software. A global supply chain and operations consulting powerhouse. A best-of-breed provider of managed procurement and supply chain services, GEP is all of the above.

GEP’s unified approach to solutions delivery integrating strategy, software and managed services helps their clients achieve strategic, operational and financial objectives. GEP has built a unified framework of integrated sourcing, procurement, spend management and end-to-end supply chain capabilities, supporting their customers’ needs.

GEP.com

IBM Watson Orchestrate 03

Business priorities are shifting faster than ever. To respond to new customer preferences or new deliverables, you need a flexible workforce. Contingent labour helps, but sourcing and staffing those workers is a full-time job.

With Watson, you can spend less time staffing and more time delivering. By using advanced AI skills, Watson can compile requirements from key stakeholders, and then work within your vendor management system (VMS) to open a request with suppliers to find qualified candidates and schedule interviews with hiring managers. Watson helps you move quickly, so you can meet your client’s skill needs on time.

ibm.com

SAP Ariba

SAP Ariba is a cloud-based procurement platform and business network developed by SAP, a leading enterprise software company. It provides a range of procurement solutions and services that help organisations manage their procurement processes, collaborate with suppliers, and optimise their supply chains.

SAP Ariba aims to help organisations improve procurement efficiency, reduce costs, increase transparency, and enhance supplier relationships. It provides a scalable and flexible solution that can be tailored to meet the specific needs of different industries and organisations.

SAP.com

Behold the Power of Spend

CEO: Charles Goodman Charles Goodman is the Chairman of the Board and interim CEO at Coupa, taking on the role in May 2023. Charles has more than 30 years of experience building successful enterprise software businesses. He joined the Coupa board in February 2023.

Coupa

Coupa is a cloud-based spend management platform and software company. It provides a comprehensive suite of solutions designed to help organisations streamline and automate their procurement, invoicing, and expense management processes. Coupa’s platform offers functionalities for procurement, expenses, invoicing, sourcing, contract management, supplier management, and analytics, among others. Coupa AI Spend Classification cuts out manual classification drudgery with Machine Learning and Artificial Intelligence to standardise, classify, and enrich spend across spend and ERP systems.

Coupa.com