Chief Procurement Officers (CPOs) are navigating the challenging digital transformation of their businesses. Steady progress has been achieved using Analytics for decision making while AI innovation is happening in process automation areas such as RPA and IoT. AI has low adoption in the back-office automating processes or increasing productivity as Supplier Managers remain overloaded with their responsibilities and spend too much time on repetitive tasks.
TenPoint7 has built AI-powered applications to augment supplier managers with tools that increase productivity and allow them to focus on tasks that only humans can perform such as building relationships with suppliers, negotiating win-win deals, and collaborating with their team to optimize expenses and grow the business.
Affordable, easy to use Artificial Intelligence has arrived to help with managing risk, optimizing contracts and building supplier intelligence. Partner with TenPoint7 to boost your supplier management productivity.
Supplier Managers require comprehensive and timely information about their suppliers but lack the time and tools to find all the critical risk events that may disrupt their supply chains. Events such as data breaches, government lawsuits, acquisitions, mergers, and layoffs may impact your business. Knowledge of these events allows you to proactively manage your suppliers and maintain supply chain reliability. However, the quantity of public news and information about suppliers are overwhelming and often overlooked because weeding through the noise is time consuming and difficult. Artificial Intelligence (AI) can sift through this vast trove of information and focus on the critical events automatically, freeing supplier managers to focus on what is important and take the necessary actions to keep the business running smoothly.
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Enterprise companies need a smart, automated way of analyzing, scoring, and assuring critical procurement contracts contain required and preferred language to meet legal and corporate objectives. For example, MSA (Master Service Agreement) documents contain specific language for Intellectual Property (IP), confidentiality, and compliance with laws whereas information such as Service Level Agreements (SLAs) and payment terms reside in Statement of Work (SOW) contracts. The Supplier Contract Optimization – Intelligent Application from TenPoint7 can be trained to detect critical information expected in procurement contracts, recognize missing information and score sections and complete contacts based on their completeness. With clear contract rules and objectives for Supplier Managers and Suppliers, the process of completing a contract is greatly expedited by reducing the iterative cycles of making edits between the parties prior to signature, saving time and effort for both sides. Analytics demonstrate how well the system is meeting corporate objectives and the overall business value of the system.
Gaining supplier intelligence takes knowledge and experience over a protracted period of time. Yet, informed and knowledgeable Supplier Managers make better, informed decisions and contracts. Expediting the pace of acquiring knowledge about suppliers is critical for optimal business execution. The right information gives you a strategic advantage. Supplier Managers can have quick access to relevant information about industries, products, and competitors, including developing trends. The Supplier Research – Intelligent Application has an easy-to-use interface allowing Supplier Managers to leverage the latest Natural Language Processing (NLP) capabilities to quickly understand the latest, relevant information about suppliers prior to negotiations, site visits, contracts and much more.