AI: New Tech Creates New Capabilities
Today, procurement teams are under pressure to deliver more. More savings, yes — but also more in terms of new sources of value, new efficiencies and new insights. Often with no increase in headcount — and certainly without any more hours in the day. With the volume and complexity of so much of procurement’s workload, the time is right for artificial intelligence (AI) to take a share of the burden.
GEP helps enterprise procurement teams harness the power of intelligent automation technologies to streamline and optimize their source-to-pay operations, enabling them to focus their efforts on driving enterprise-wide strategic value, and leaving transactional processes for AI-powered systems to handle.
Intelligent Source-to-Pay Automation
GEP is a leader in the innovation of AI capabilities that are being built into SMART by GEP to execute processes across the full spectrum of source-to-pay operations — from spend analysis and sourcing to purchase order processing and invoice management.
- Spend analysis: SMART by GEP's AI-based spend analysis software can extract real-time, granular insights from your spend data — automatically aggregating, cleansing, classifying, and reporting the data across the enterprise. It actually learns and self-corrects to continuously improve accuracy.
- Sourcing: As AI learns your sourcing patterns and behaviors, you’ll be able to connect with the best suppliers more quickly and efficiently — while reserving your time and skills for supplier selection, negotiation and real value assessment.
- Savings: Measuring savings in real time will show procurement’s value to the enterprise. No more negotiation over “percentage realized.” SMART by GEP’s advanced automation technologies will assess every order and every invoice against your savings plan.
- Contracts and Supplier Management: When a supplier’s performance drifts out of alignment with the contract, the AI in SMART by GEP software will let you, and the supplier, know right away. No number crunching and no time-consuming surveys.
- Order processing: When the software knows who you are and what you are permitted to order, your requisition becomes an order and a fulfilled delivery with a single click. Only the most exceptional cases need the professional’s personal attention.
AI is coming of age as one of the main technological drivers of today’s transformed procurement organizations. With AI-derived analytical power, procurement professionals can unlock valuable insights from data and realize unprecedented efficiency and effectiveness throughout the organization.