Unlocking Procurement’s Future: a comprehensive video series

If you want to stay ahead in today’s fast-paced business world, you need cutting-edge technologies that enhance every part of your operations.

GenAI and Advanced analytics can offer significant enhancements across a multitude of applications, in your strategic procurement process.

From creating greater transparency and unveiling new insights through spend analytics – to evaluating supply markets, automating RFx processes and conducting negotiations – these technologies streamline operations and empower data-driven decision-making.
Let’s dive into a practical example in the spend transparency phase.
With the Price and Quantity Development Analysis, you can quickly understand how purchased quantities and corresponding prices have evolved over time, and identify materials or services which are out of step with current market trends.

Thanks to GenAI, you can use that knowledge to find alternative suppliers and generate the necessary documents for supplier discussions.

And this is just one example of how GenAI and advanced analytics work hand in hand. Imagine the possibilities – from benchmarking and predictive analysis, to enhancing data quality and streamlining the overall RFx process.

As illustrated with these examples, integrating Gen AI and analytics in procurement helps you to transform from transactional activities to strategic enablement – driving efficiency, cost savings and value creation across your organization.

Procurement organizations typically have access to data. Yet, gaining usable insights and value from that data is often challenging.

In our experience, the data itself is often problematic. Perhaps it’s unstructured. It might have been gathered by different parts of your organization in inconsistent ways – with countries, suppliers and other category types varying. Or maybe its quality is simply not good enough, and it’s unusable.

So, how can you benefit fully, gain insights and identify new opportunities?

Well, what if there was a way to transform your underutilized data into actionable insights, effortlessly?

Let’s take a look at one practical project example to see how the INVERTO AI Value Finder can help to generate value-adding insights:

Phase 1:

• We receive unstructured customer data from multiple systems and countries
• Through a comprehensive data scan, we apply GenAI technologies to harmonize both supplier information and also payment terms – making the data fully usable for advanced analytics

Additionally, we utilize GenAI for spend categorization, which sets the stage for in-depth transparency and analyses.

Phase 2:

• With the data now prepared, a range of analyses becomes possible.

From simple spend transparency to advanced insights – like price developments, bundling, and maverick buying – procurement professionals can gain direct access to actionable insights, and so enable data-driven decision making.

By leveraging advanced analytics and GenAI, the full potential of your data can be unlocked. That enables the transformation of challenges into opportunities across a wide range of use cases, from procurement analytics to daily operations and project management.