Autonomous sourcing not only increases efficiencies by automating routine RFP-based tasks but also guides business users to make better buying decisions more quickly and easily, while enabling procurement teams more time to focus on higher-value strategic tasks that drive better business outcomes.
What is AI-Powered Autonomous Sourcing?
AI-powered autonomous sourcing involves the application of cutting-edge technologies, such as Machine Learning (ML) and Natural Language Processing (NLP), to streamline and optimize procurement processes. From creating concise briefs to identifying potential suppliers and negotiating the right price, AI brings automation and intelligence to every stage of the sourcing journey. The goal is not just increased efficiencies and reduced costs but also better, more strategic, decision-making based on real-time data insights.
What are the Key Benefits of AI-Powered Autonomous Sourcing?
- Efficiency and Time Savings: AI automates repetitive, time-consuming manual tasks such as RFX creation, and email and spreadsheet-based collaboration to identify suppliers and assess proposals. This allows procurement professionals to focus on more strategic activities, accelerating the overall sourcing process.
- Deep Category Knowledge: An AI-powered sourcing bot such as GLO intelligently navigates you through the right path for all types of sourcing scenarios (RFP, RFI, RFQ, Sole Source, Delivery of Staffing, and Supplier Panel) with built-in category expertise for more than 7,000 offerings.
- Data-Driven Decision-Making: AI analyzes vast amounts of data to provide actionable insights. Procurement teams can leverage this data to make better, more informed decisions, identify trends, and optimize sourcing strategies for cost savings and efficiency.
- Supplier Identification: After the scoping process, the AI instantly presents an unbiased list of risk-vetted suppliers, both new and preferred options. Users can review their statuses and attributes, such as diversity certifications and MSA, to select the best providers to invite.
- Cost Savings and E-Negotiation: AI-driven analytics can optimize negotiations with suppliers through tactics such as E-Negotiation, which unlocks savings by enabling buyers to initiate a negotiation round with suppliers, sharing how competitive their proposals are relative to others, and encouraging them to submit their best bid.
Act Now or Fall Behind the Competition
The potential of AI-powered autonomous sourcing far outweighs any previous spend management technologies – we are experiencing an acceleration in software innovation and adoption unlike anything seen before. Adopting a wait-and-see approach is not an option in this case as companies who fail to seize the moment will fall behind their competition – and with the proven ability of autonomous sourcing to deliver dramatic savings and increase efficiencies many times over, you won’t be able to catch up on this occasion.
Globality can help you transform your spend management model. Talk to us and let’s calculate the immediate bottom line savings and new value that autonomous sourcing can deliver.