how ai and digitisation enhance your business

Instead of waiting until quarterly review meetings and reviewing excel-driven reports based on out-of-date metrics the introduction of AI-driven dashboards using dynamic data sources to monitor the performance of your strategic vendors in real time, will improve performance and provide an enhanced stakeholder experience throughout the supply chain, as issues are identified and remedied on a real-time basis.

Take category planning and opportunity analysis to another level by replacing pivot tables and questionable data with AI-enabled spend and contract analytics. Creating an intelligent, high quality database providing unapparelled insight into pricing schedules, accounts payable data and contract terms leading to enhanced, data-driven category strategies.

Most complex invoices are signed off through the traditional 3-way match without any cross reference to the underlying contract. You can now utilise AI to introduce automated "4-way checks" for strategic / complex contracts. AI can reconcile contract performance with consumption data and invoices received to ensure payments are correct without manual intervention, potentially identifying up to 5% in overpayments and reducing manual effort in the accounts payable cycle.

Most companies rely on a static repository to file pdf contracts, from which extracting and leveraging contract terms involves procurement or legal teams diligently maintaining the static data sets and reading the actual contracts to identify specific risks or issues, for example contracts with subcontractors linked to sanctioned directors. AI can now create an intelligent contract database allowing you to identify pre-defined risk factors from thousands of contracts at the press of a button, then automate the re-papering effort.

Reviewing the marketplace for vendors, evaluating them, running an RFP and negotiating a contract is a time consuming exercise, impacting the productivity of your procurement team and stakeholders alike. AI can now be introduced to evaluate RFP responses and support contract negotiation, enhancing productivity and cycle time significantly.