Artificial Intelligence Software for Procurement Management
The rising demands on cost reduction, speedy workflow, and risk mitigation are putting high pressure on sourcing and procurement departments to deliver most value. Softengi developed an e-procurement system based on Artificial Intelligence for Nectain.
Today, retail is undergoing extensive digital transformation. Technologies such as AI and Machine Learning have found wide use in many areas of this industry.
According to Capgemini, retail executives can save approximately $340 billion by applying AI to scale across the value chain.
Procurement, as one of the most complex fields of retail, can benefit the most from Artificial Intelligence Software for Procurement Management.
Nectain, a global tech company, approached us for help to develop an outstanding procurement software, which will incorporate the most advanced technologies into it. As a result, Softengi created a top-notch e-procurement system with smart tools and innovative features. Moreover, the Softengi team embedded the solution with Artificial Intelligence technology, making it smart, efficient, and highly automated.
Challenges in Procurement
As one of the most complex business areas of retail, procurement requires a lot of resources from companies to be effective. In order to successfully correlate all parties, monitor the adherence to all agreements, successfully meet deadlines and not to exceed the budget, retail companies invest a lot in procurement departments and still do not avoid human errors.
Nectain knew the retail’s pain points in procurement and decided to develop a product that helps to automate procurement processes and save companies’ ressources.
Among the main procurement challenges that the Nectain’s smart solution aimed to meet are:
poor supply chain visibility
market extensive risks and potential frauds
agreements and terms compliance
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Success story: Artificial Intelligence Software for Procurement Management
Softengi heeded all wishes and requirements and started to implement a top-notch software for procurement management. To ensure the versatility and efficiency of the solution, Softengi embedded it with AI, advanced analytics, machine learning technology, and a Data Mining system. As a result, Nectain’s procurement solution enhances effectiveness of users’ routine procurement operations, increases speed of the procurement processes, and reduces costs on sourcing management.
Product Overview: Artificial Intelligence Software for Procurement Management
Machine Learning, which allows to automatically process huge amounts of incoming data, is applied mostly for e-planning, sourcing planning, and e-payment.
Data Mining, which enables the system to detect hidden patterns in data, is used in e-category and e-inventory.
Advanced Analytics, which offers valuable insights into procurement operations, is applied for e-analytics, e-contact, and e-category
Artificial Intelligence, which automates many manual and routine tasks, is used in e-sourcing, e-srm, e-requisition, and e-order.
The Solution Structure and Capabilities
The Nectain’s Artificial Intelligence Software for Procurement Management contains several blocks, each of which is dedicated to a specific area of procurement.
AI Procurement Software: e-budgeting
Due to AI and its in-depth processing capabilities, the software offers an advanced spendanalysis, which allows companies to gain the overall view of budgeting, estimate financial performance, and optimize operational expenses. Smart dashboards with user-friendly and intuitive UX/UI design provide users with the easy-to-understand way to grasp a large amount of real-time data and get valuable insight into budget management.
AI Procurement Software: e-analytics
Embedded Business Intelligence based on advanced data analytics allows to process constantly incoming data from various internal and external sources and visualise gained information in Big Data charts and tables. Moreover, the Nectain software has a live tracking tool, which allows to monitor KPIs, preventing overspending and instantly enforcing budget with shorter source-to-settle cycle times.
AI Procurement Software: e-category
Softengi also developed an e-category block in the digital procurement system. The e-category allows retailers to enhance their sourcing management and improve the overview of the organisation’s spend. The users can get in-depth reports of each vendor, and, as a result, mitigate supply chain risks, uncovering new sources of value. Moreover, the AI procurement software allows to track suppliers’ performance, companies’ spend, and stakeholders’ engagement, handling all operations in correlation with companies’ long-term strategies.
AI Procurement Software: e-planning
With procurement e-planning, retailers can enhance their long-term planning, thereby improving supply chain coordination and sourcing management. The embedded AI allows the software to make accurate forecasts about supply chain operations, notify a company about potential problems, and provide actionable prescriptions regarding companies’ procurement management.
AI Procurement Software: e-sourcing
The Nectain’s e-sourcing is an automated AI-powered tool, which helps companies to achieve maximum savings and the most procurement value. Real-time statistics and reports on sourcing operations, up-to-the-minute pricing, advanced market catalogues, and live auction allow companies to enhance their sourcing management and achieve high business agility.
AI Procurement Software: e-SRM
An AI-driven Supplier Relationship Management tool is a fully automated solution, which offers an interactive supplier database, easy registration, and supplier qualification reports all within a single customized dashboard. With e-SRM, retailers save man-hours of employees, reduce expenses required for supplier checks, and run compliant processes more efficiently.
AI Procurement Software: e-contract
With Artificial Intelligence software for procurement management, collaboration with suppliers becomes easier and more efficient. Speedy approvals, automated administration, one-click authoring, and secured access with digital signatures brings contract management to the new level. Moreover, the software offers an extensive library of customized templates that allow to rapidly create documents and forms as well as accelerate contract drafting.
AI Procurement Software: e-requisition
With e-requisition, companies can free their employees from manual revisions and monitoring of constantly changing restrictions. AI e-requisition takes care of it. Simple record keeping, payment terms compliance, and preferred pricing will allow companies to enhance their purchase requisitions. Moreover, the software is able to identify vendors and suppliers, who provide only budget-friendly deals, so retailers can get only best offers and great discounts. In addition, retailers can benefit from live budgen, which takes into account each potential request and evaluates whether it is worth buying from a financial point of view.
An e-order tool provides retail with top-notch procurement management. In this block users can easily get needed information about purchase order fulfillment, track in real-time procurement operations, create purchase requisitions from any supplier, and use an automated order preprocessing system. Additionally, companies can get much faster and more efficient request ordering by automatically creating requisitions and/or setting the right account code and then sending it to the right supplier.
AI Procurement Software: e-payment
The e-payment block is designed to ensure efficient financial operations and reduce complexity in spend management. Accurate billing, automated invoices, finance reporting, and advanced data encryption will significantly benefit retail companies in procurement management. Furthermore, the Nectain software offers smart financing and innovative payment management with a customized transaction set-up and a fraud detection system.
AI Procurement Software: e-inventory
The e-inventory block developed by Softengi helps retailers to get visibility over company’s inventory, optimize working capital, advance risk management, and improve overall compliance. In this block users can get insights into stock levels, monitor item usage, identify place availability, track inventory level, and prevent their stock from overbuying.
Benefits of Artificial Intelligence Software for Procurement Management
The Nectain’s software for procurement management is fully automated and customizable. Retailers can automate previously manual, staff-intensive processes, accelerating and enhancing them. As a result, companies free employees from routine work, letting them focus on more significant tasks and thereby reducing costs and the labour input in procurement.
The Artificial Intelligence Software for Procurement Management improves the whole procurement management. As the incoming data is being constantly processed by Machine Learning, the gained insights are being continuously analyzed by AI, as well as accurate forecasts and valuable suggestions are being made by the software systems, retailers can enrich their day-to-day operations and improve decision-making.
Easy Supplier Selection
Embedded AI enables the software to analyze all suppliers in the database system and identify the right ones who will match companies’ needs and requirements. Users can define and compare all available purchasers, distributors, frontline producers, supplying companies, and shipping agents to choose the best partners.
Simple Buyer Management
An intuitive interface, self-service systems, and advanced data analytics make buyer management much easier. With the AI procurement software, retailers can have greater visibility into POs and better overview over budget and buyers’ payments, automate invoices, and get the strongest transaction security.
Additionally, Nectain offers seamless ERP integration. Retailers can easily implement the AI procurement software and immediately start to benefit from it.
The strong sourcing security, advanced data encryption, the latest security protocols, and the user-defined access with digital signature make the software invulnerable to hackers and malware. Your data will be safe and accessible for the long-term.