Nectain is a transparent digital procurement ecosystem that offers real benefits to retailers: 30% G&A cost reduction, 95% automatization, and, what’s most important, a 10% savings increase. Apart from developing this top-notch procurement system, we’ve implemented innovative AI business solutions into it. They help to deal more efficiently with the typical retailers’ challenges in the process of procurement.
A few words about this system. Nectain takes the process of procurement to a new level. How? Thanks to the totally “electronic” approach to traditional procurement activities, such as budgeting, planning, sourcing, ordering, payments, SRM, and inventory. With AI solutions implemented into it, we can proudly say that Nectain is a smart modern procurement system.
What Problems Does AI Solve for Nectain?
- Low effectiveness of users’ routine procurement operations;
- Low speed of the procurement process in general;
- High cost of the procurement process;
- Low-cost effectiveness of sourcing for enterprise needs.
Artificial Intelligence in the Procurement System
What solutions did we choose to deal with these challenges and why? Procurement Data Mining & Analysis. Data mining allows the detection of unpredictable patterns hidden in the data generated during users’ routine operations to improve the level of their effectiveness. Machine Learning for e-planning includes the analysis of needs, sourcing planning, and source plan management.
We leveraged Artificial Intelligence algorithms for the verification of users’ purchase requests and the determination of the most relevant recommendations for profitable positions in real-time. With the help of AI algorithms, it is possible to analyze larger amounts of data and offer the most relevant solutions for traditional problems. Smart interaction with suppliers and AI approval of this process minimizes the role of the buyer in the system, reducing the risk of a human-made error to a minimum.
Artificial Intelligence in Business: Problems and Solutions
Artificial intelligence is a significant driver for economic growth in any business. Retail is just one of numerous spheres that benefit from implementing AI solutions. Yet, the possibilities of AI in retail are not limited to procurement system improvement. Artificial Intelligence in retail can be applied in sales, marketing, and communications as well. The biggest challenge of AI adoption is the gap it will create between early AI adopters and followers. Considering the tangible results AI is providing, the majority of modern companies invest in AI today.
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