Maintaining a robust supply chain is crucial for organizations to withstand changing demands and external disruptions. A 2023 report finds that 60% of businesses have experienced up to 15% revenue loss, whereas a Gartner study strongly assumes that 95% of companies will continue to grapple with supply chain challenges. Multiple factors determine the resilience of an organization’s value chain, and procurement is one of the primary factors contributing to supply chain resilience.
However, procurement is fraught with various challenges, including data inaccuracies, supplier management, poor transparency, and many more. A 2024 Oxford Economic study reveals that 30% of procurement leaders feel that poor supplier relationship management and restricted supply chain visibility are key risks. Evoke’s Procurement AI addresses these procurement woes, ensuring your business achieves enhanced operational efficiency, cost savings, and a robust supply chain.
This blog explores how Evoke’s Procurement AI empowers you to streamline operations and drive business efficiency by overcoming common procurement hindrances.
The Challenges of Procurement
Organizations face multiple procurement challenges. Some of the major hurdles are:
- Dispersed Data Types: Organizations often experience challenges to enhance internal data quality. This occurs due to the availability of large amounts of data in scattered form across diverse external sources and in different forms like PPTs, excel, online reports, and PDFs. A recent study highlights that 75% of respondents have doubts regarding procurement data accuracy, whereas 79% of respondents admit that their procurement teams need more management software. Data problems are serious in procurement.
- Siloed Teams: In the procurement process, siloed teams can impede organizational efficiency and agility, hindering operational flow. Procurement necessitates teams’ coordination to avoid delayed information and limited visibility across an organization. This hinders innovation and efficient risk management.
- Delayed Information: Inconsistent data collection, coupled with the challenge of siloed teams, inevitably leads to delayed information. This, in turn, affects prompt decision-making and hinders timely project completion.
- Lack of Centralized Access: Teams often find it hard to access updated information from multiple resources. This leads to problems like poor decision-making, increased costs, increased risk, reduced compliance, and poor supplier relationships, among others. For example, a lack of central data visibility can result in duplicate efforts by teams, wasting resources. The absence of a centralized view of data makes it difficult for organizations to ensure compliance with regulatory rules, risking potential corruption and fraud.
Evoke’s Procurement AI Assistant
Our cutting-edge AI Assistant enables the Procurement team to effectively assess and mitigate risks associated with active vendors, raw materials, services, and finished products. The product aims to:
- Assess vendor performance
- Analyze raw materials and
- Conduct comparative analysis
Enhancing Procurement Efficiency with Evoke Procurement AI Assistant
Evoke’s Procurement AI Assistant is a powerful tool that enables organizations to address major procurement challenges, enhancing the workflow.
Features of Evoke Procurement AI Assistant:
- Proactive Risk Management: Evoke’s Procurement AI Assistant performs continuous data collection to identify potential threats early. Our advanced AI solution collects data from various sources to ensure your business has accurate data. For instance, it collects data from ICIC, Chemical Market Pricing to analyze raw materials and feedstock pricing, InteGrity Next to assess vendor risk ratings, uses the latest Google and Yahoo reports, SAP, Excel, and Market Data to generate and convert data into visible analytics.
- Centralized View: Following the data collection, our tool provides a platform to access centralized data. This helps your procurement team to leverage easily available data, avoiding information delay promptly. For instance, our AI Assistant tool enabled a leading manufacturing company to have data visibility regarding vendors. One of the vendors had supply chain problems, and Evoke’s Procurement AI Assistant enabled the client company to assess vendor performance and perform a comparative analysis. It helped the company to overcome the challenge of production delays.
- AI-Powered Insights: Our tool provides AI-powered insights in real-time. This empowers companies to make prompt decisions and enhance supply chain operations. For example, the tool assisted the manufacturing company in taking immediate action to look for another vendor with a positive performance profile to complete the production, ensuring speedy, relevant service delivery.
Benefits of Evoke’s Smart Procurement AI Assistant
Enhanced Vendor Risk Management: Evoke’s advanced AI Assistant assists businesses in conducting risk management efficiently. It collects data from multiple sources based on requirements like pricing, risk rating, external APIs, and several API integrations and converts the data into an easily understandable visual data format. This helps your procurement teams to enhance their vendor risk management process. From pricing and vendor performance to potential risks and comparative analysis, the tool ensures you select the right vendor and achieve a seamless supply chain workflow.
Informed Decisioning: The centralized data empowers your teams to efficiently automate the data collection process, saving time and resources for informed decision-making and initiatives.
Cost Reduction: The centralized data accessibility helps companies allocate expenses based on specific needs and requirements. Additionally, it helps procurement teams optimize cash flow and manage spending effectively.
Better Supplier Relationship: Evoke’s Procurement AI Assistant helps organizations in several ways, including everyday task automation, transparent communication, risk monitoring, and so on. This, in turn, results in enhanced procurement workflows, fewer disruptions, and more robust supplier management.
Conclusion
As one of the top RPA service providers in the US, we are dedicated to driving business growth, eliminating workflow inefficiencies, and streamlining operations across the supply chain. This is the core purpose of our advanced Procurement AI.
Evoke’s cutting-edge Procurement AI Assistant acts as your online companion that enables you to solve recurrent procurement woes. Alongside repetitive task automation, its ability to collect and present information in a centralized platform helps you to streamline the vendor selection process, thus empowering your business to navigate through potential risks. Inefficient procurement is a big obstacle to setting up a robust supply chain, which is imperative for organizational growth.
Our Procurement AI Assistant serves as an essential tool to simplify the procurement process. Its proactive risk management, centralized view, and AI-powered insights ensure you make informed decisions with real-time and consolidated data, driving business efficiency and growth.
