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Autopilot procurement and demand generation process: Leverage AI, data mining, and machine learning capabilities and eliminate human errors, favoritism, and corruption involved in the procurement decisions.
Procura is a revolutionary AI-driven procurement and demand generation platform. It allows you to set automation levers for different items or product categories. You can run the entire process in the full robot-controlled mode for a specific material category and see how it efficiently manages the entire process with limited human involvement.
According to the Harvard Business Review report, disorganized contracting results in a loss of value for businesses that can be as high as 40%.
Let your purchasing decisions be driven by business rules and artificial intelligence while your people monitor the process.
Across retail, trading, and manufacturing industries, the constant demands for cost and time optimisation is putting increasing pressure on sourcing teams and purchasing departments to deliver value in new and innovative ways. While the adoption of ERP technologies has helped streamline traditional procurement processes, many organizations have struggled to use this information efficiently to drive value for their business.
Procura is fully equipped to switch the entire procurement process to a full robot-controlled mode. Embedded data mining, pattern recognition, and cognitive analytics work together seamlessly to ensure high efficiency and time-bound execution of the procurement cycle.
AI-driven Procurement Management: Set automation gears based on the material categories and area of operation
Gear 1: Human Controlled Process Automation
Selection of this level allows planners to retain control in creating purchase requisitions, vendor approval, and purchase order generation. Statistical data and procurement policy engine help the system identify if this requirement needs RFQs to be sent or pull the pricing from a valid pricelist or place an order with a pre-approved vendor or follow a frame purchase agreement.
Gear 2: Semi Autopilot (Partly Robot Controlled)
The partial robot-controlled process automatically generates demand based on the current stock levels and predictive consumption analytics. It decides the process of sourcing the material based on the material category and shortlists the vendor and generates a purchase order. In this scenario, purchase order needs to be approved before they are sent to the vendor.
Gear 3: Full Autopilot (Fully Robot Controlled)
This level leverages AI to enable end-to-end management of the procurement process that starts from demand generation, vendor selection, purchase order generation, auto-approval, and emailing to the vendor. You can set different
You can set rules and preferences for each material category whether you have a frame purchase contract with a vendor for a given material category or valid pricelist from a client or a valid available quote used recently.
The system generates demand and initiates the procurement process robotically. It can send an automated email requests for quotations and collect pricing using a weblink, compare pricing and generate a purchase order
Procuro gives you the flexibility to build procurement strategies for different material categories and the system manages end to end procurement process robotically. It lets you know if your involvement is needed.
FUSIONFOX PROCURO: HOW DOES IT WORK?
Strategic Procurement Management
Contract Management is an essential part of procurement activity, and it needs to be handled efficiently. The procurement department also faces attrition, managing contracts from all critical partners can be not just time-consuming but pose a high risk of losing significant value due to human errors and negligence.
Procure helps you build right procurement strategies:
Build frame purchase contracts with the vendors for the specific material or service categories.
Covers material procurement, manpower services, or other services that need to be procured under frame contracts.
Set the exception rules, applicability criteria, and minimum order quantities acceptable in these frame contracts.
Enable robotic procurement for the materials having frame purchase contracts.
Robotic Demand Generation
Incorrect predictions could lead to high inventory built-up, disrupt supply relationships, block your cash, and pose a high risk of missing delivery commitments to the customers. Hence, improving demand forecasting needs to be transformed.
Perfacto helps you manage all the factors needed to be taken into account while generating demand robotically:
Stock Monitoring: Robotically monitoring current stock levels, reorder, and safety stocks for each item.
Consumption Trends: Learning from statistical data and analyzing material consumption and demand trends.
Lead Time Tracking: Analyzing how much time it takes to receive the material from a supplier and maintain stock levels accordingly.
Procurement Frequency: You can define procurement frequency for each material category so that system can identify how much minimum stock should be there to initiate procurement.
Tracking Other Factors: It keeps track of period-specific variations in the demand by mining into statistical data.
Located at the heart of the company’s financial processes, the procurement department (and its partner, accounts payable) has a substantial impact on the overall fiscal health and competitive performance of the entire organization. Using artificial intelligence in the procurement process is going to maximize the efficiency, accuracy, productivity, and speed of the procurement process and department.
The benefits that Perfacto can deliver are as follow:
Minimizing Costs in both overall spending and management of the supply chain in particular.
Intelligent Data Management to optimize collection, management, and analysis of consumption and inventory data
Risk Management to overcome needless risk exposure generated by internal channels (fraud, casual spending and process inefficiencies, etc.) and external factors such as seasonal change, market risks, natural disasters, pandemics, etc.
Ensuring Business Agility and Supply Chain Resilience with optimized demand and data-driven decisions.