Developing a deeper understanding of the spend allows business leaders to craft smart procurement strategies. Prudent procurement decisions rely on access to quality information that is reliable, trustworthy, and accurate. Large swaths of such information stream in from multiple sources making the analysis cumbersome, time-consuming, and prone to errors. With an AI-powered spend solution, you no longer have to grapple with bulky spreadsheets and manually match apples to apples. Machine learning models can ingest staggering amounts of data and provide intelligent insights in a matter of weeks, not months.
The continuous intelligence from this real-time data elevates Procurement from a transactional to a strategic function. The result: Improvement in strategic sourcing, cost reduction opportunities, and gain in efficiency leading to competitive business advantage.
Pillar One: Unique Vendor identification - What's in a name?
Why do I care about Unique Vendor identification? Vendors may not have precisely the same name across various disparate systems in your enterprise from where this data is pulled. Furthermore, with M&A, their identities may change over time. AI-powered solution can normalize these names to a single entity allowing you to know the total spend with each unique vendor. Normalization, thus, creates an opportunity for volume discounts, and this visibility helps you seek the most favorable agreement.
This creates the first foundation over which Spend Intelligence is built. The visibility into supplier data makes business leaders aware of the negotiating leverage they have.
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