Procurement today has become a disconnected and complex ecosystem, with internal and external stakeholders influencing key business outcomes. Disparate sources, multiple partners, channels and marketplaces have created siloed business operations, adding to the complexity of limited spend visibility and compliance adherence. On the other hand, organizations who have embarked towards digitization, struggle to extract multiple classes of harmonized data, efficiently utilize their analytical tools and optimize their procurement insights. In today’s competitive world, it is vital for enterprises to leverage and optimize the complete digitized value chain to enjoy growth and savings.
ProcureEdge leverages AI and automation to create a non-intrusive intelligence layer on top of the existing procurement ecosystem and creates a single source of truth for procurement data. By facilitating an AI-enabled, connected ecosystem, ProcureEdge drives real-time intelligence across the value chain to enhance spend visibility, user efficiency and thereby accelerates savings. ProcureEdge actionizes real-time sourcing and guided-buying opportunities, while mitigating any compliance risks. It bridges the gap between siloed business operations, creating the next-generation of cognitive and connected procurement ecosystem.
Procurement Insights delivers business relevant insights by automating data management activities, classifying spend into right categories using ML techniques, generating predictive spend analytics and highlighting opportunities to optimize spend and mitigate risks.
Guided Buying enables intelligent routing of product and service requests to appropriate suppliers to ensure compliance with organizational policies and generate savings.
Procurement Assistant provides contextual information, real-time analytics, and insightful procurement recommendations. It maximizes stakeholder knowledge and delivers an omni-channel experience.
How can the key disciplines — Discover, Automate and Orchestrate, provide enterprises with the right platform to traverse the journey towards Automation Singularity?
Banks and other lending financial institutions across the world have been trialing with deploying in-house and off-the-shelf AI solutions across different functions in the lending value chain.
A low-risk contract from draft to negotiation to signature, costs a business an average of $6900, finds a study by the International Association for Contract & Commercial Management (IACCM).