June 06, 2023 | Procurement Software
As generative AI starts to transform various aspects of procurement and supply chain, GEP has taken the lead in integrating OpenAI’s ChatGPT technology into its suite of software solutions.
This integration, using Microsoft Azure OpenAI Service, will offer the company’s clients an intuitive interface to query data, automate processes and improve decision-making. It will allow enterprises to spot potential risks and optimize procurement and supply chain operations globally.
Microsoft’s generative AI capabilities are now part of GEP MINERVA™ suite of AI and machine learning (ML) algorithms that support cross-organization data analytics.
ChatGPT’s conversational-based interface will allow enterprises using GEP SOFTWARE™ to derive actionable insights and improve global procurement and supply operations. The generative AI capabilities will help identify operational gaps and risks in supplier contracts and suggest ways to optimize procurement and value chains.
According to Microsoft, this collaboration will help deliver more efficient and sustainable global procurement and supply chains.
GEP SOFTWARE enables global companies to drive optimum efficiency, agility, visibility and actionable intelligence into all procurement, purchasing and supply chain functions while eliminating burdensome infrastructure and support costs to achieve maximum ROI.
ChatGPT, which was rolled out last year, has the potential to enhance efficiency and reduce costs in procurement.
By automating routine tasks, generating data-driven insights and fostering collaboration, ChatGPT can speed up routine, time-consuming tasks and help procurement teams focus on strategic decision-making and long-term value creation.
As an advanced large language model, ChatGPT can help procurement professionals in supplier communication, risk assessment and data analysis, among other things. The goal should be to learn about this new technology and take advantage of the possibilities it presents.
Learn more about how procurement teams can leverage ChatGPT in our bulletin ChatGPT: What Procurement Leaders Need To Know and Do Right Now