October 16, 2023 | Procurement Software
Artificial intelligence (AI) is rapidly transforming the procurement landscape. AI-powered procurement solutions can help businesses to improve their efficiency by automating tasks as well as help them gain deep insights into their operations.
As a leading provider of AI-powered procurement solutions, GEP's solutions are used by businesses of all sizes to improve their procurement performance. Here are a few artificial intelligence procurement case studies that discuss how AI-powered procurement solutions have helped businesses to achieve success.
A global oil and gas company wanted to streamline, unify, and automate its procurement operations. Its existing system was fragmented, with a limited set of automation capabilities and multiple sources of data across systems and business units. Although the client had more than 20,000 B2B customers and its annual revenue was more than $14 billion, it had limited supplier interaction through systems and high sourcing cycle time. As a result, the client wanted to make the procurement system more consistent, efficient and automated.
GEP SMART™, the AI-driven procurement platform, made the client’s procurement a seamless, integrated function for the client, enabling a high level of automation. GEP’s solution also strengthened the client’s entire source-to-contract and procure-to-pay process, encouraged catalog-based buying, and eased the supplier onboarding process.
This case study is a must-read for procurement professionals looking to rid their operation of silos and transform it into a united, efficient function that drives value.
Read the case study here: Global Oil & Gas Company Transforms Procurement Operations With GEP SMART™
A Global 500 heavy equipment manufacturer with more than 400 sites and multiple subsidiaries wanted to transform its entire sourcing processes. The client’s transformation objectives included streamlining procurement operations, improving spend visibility and forecast of material costs. The chose GEP as a partner to deploy the best-in-class source-to-pay (S2P) software in order to provide a boost to its spend, sourcing and category management functions. With the help of AI-powered GEP SOFTWARE™, the manufacturer was able to unify and replace its disparate legacy systems that were slowing down its global operations. GEP was able to streamline the workflow and capture all direct material sourcing process data in one unified system, making all demand visible in one place for the first time.
The software functions implemented by GEP included sourcing, spend, analytics and category strategy. The procurement software solution’s intuitive interface helped the client drive user adoption of sourcing/RFX and CLM tools — from under 20% to more than 80%. This helped the client gain much-needed visibility into spend, as well as real-time insights into suppliers, cost breakdowns and risk, enabling it to forecast material needs more accurately and improve sourcing efficiency, saving millions of dollars in costs.
Read the case study here: Global Heavy Equipment Manufacturer Saves $45M in Direct Material Sourcing With GEP SOFTWARE
A leading global pharmaceutical company wanted to transform its research and early development (R&ED) infrastructure with a bespoke, data-driven and AI-enabled platform that would facilitate modern clinical trials.
The pharma giant needed new-age infrastructure that would enable it to keep up with rapidly changing requirements in clinical trials. The company partnered with GEP to achieve this goal. GEP adopted a multi-pronged approach to help the firm identify its needs and select a suitable cutting-edge platform that transformed the R&ED infrastructure.
This case study demonstrates how the strategic partnership enabled the company to speed up drug development, improve patient experience and enhance the operational efficiency of its clinical trials.
Read the case study here: How GEP Helped A Pharma Giant Transform R&ED Procurement Infrastructure and Reduce Drug Development Time
As AI continues to make incremental leaps, the impact on procurement will continue to deepen. Therefore, businesses that embrace AI will be well-positioned to succeed in the future. Some key benefits include:
By automating tasks, improving efficiency, and reducing costs, AI can help businesses to become more competitive in their markets.
Artificial intelligence with all its technological advancements is well positioned to help businesses to catch the pulse of their customers, understand their needs, resulting in better customer experience. From personalizing product recommendations to providing instant customer support to providing real-time resolutions, AI can provide quick and efficient support.
AI can help businesses to develop new products and services more quickly and efficiently. For example, enterprises can use AI to quickly analyze customer data and identify new product opportunities, and accordingly devise strategies and production methods.
AI is rapidly transforming the procurement landscape. AI-powered solutions can help businesses to automate tasks, improve efficiency, and gain new insights into their procurement strategies. Be it heavy engineering, oil and gas or the life sciences industry, artificial intelligence in procurement will have a deeper impact on sustainability practices of businesses – including reducing waste, improving energy efficiency, and identifying sustainable suppliers.