Today, procurement organizations are looking for new ways that can streamline procure-to-pay operations. AI is one trend set to transform the procurement operations through its intelligent automation.
From identifying new market trends and tracking exchange rates to risk management and identifying the best suppliers, AI can help improve the process while allowing you to identify where cost savings can be made.
Leveraging artificial intelligence, PRM360 allows users to manage the key tasks such as collecting, cleansing, classifying and analyzing the spend data with greater efficiency and simplicity. Our solution lets you to implement policies and procedures intelligently to take required actions, reduce errors and guide people to the correct purchasing tool.
Impact of AI in Procurement Process
PRM360 features built-in artificial intelligence capabilities that automate the entire procure-to-pay cycle.
Leverage sourcing optimization tools to manage the complexity in strategic sourcing, resulting in happier suppliers, happier stakeholders and faster sourcing.
AI helps businesses to quickly analyze the massive amounts of unorganized data to reveal patterns, correlations and anomalies in data sets. Also, you can easily determine discrepancies in the costs, and unusual order frequencies.
AI can streamline the process of data collection, integration and improved reporting can help identify contract variances, suspicious spending and potential fraud.
Artificial Intelligence is going to disrupt the procurement operations at a faster pace. PRM360 enables you to easily cross-check every invoice that is recorded, instantly flag any errors or inconsistencies and alerts whenever a wrong record is found. Also, the solution can easily identify areas where savings can be made and point to the paths of greater efficiency while delivering unprecedented experience to the users.
With AI-based solutions, you can derive greater savings and efficiency throughout the organization.