According to the 2024 State of Procurement Report from Amazon Business, “98% of decision-makers are already planning investments or upgrades in analytics and insights tools, automation, and AI-driven optimization of purchasing decisions in the next few years.”
That’s a lot of decision makers. So, what do they know that you don’t?
Traditional Procurement Has a Data Problem
Traditional procurement teams have a data problem. For these teams, it’s not strange to have supplier information and inventory on Excel, material requests on an ERP, invoices on an accounting software, and supplier performance inside the brains of team members. That’s not strange, but it’s highly inefficient, as these teams have found out over several years of suboptimal performance.
Suboptimal performance is the story of far too many procurement teams and this is due to the disjointed and siloed nature of data they have to work with. That’s where AI comes in.
AI Procurement Software as an Assistant
AI isn’t just a fancy tool you text with about the meaning of life. Nope. Thanks to the right procurement software, AI can be your procurement department’s new best friend or a great performing colleague.
Imagine this, someone new joins your team and within their first hour scans through all the databases where the procurement team stores information about suppliers, inventory, orders, spend, performance, even the details that live in your brains.
This assistant has access to all your scattered and siloed data, in fact, within the first hour they can provide any data you need from whichever scattered source. Effectively saving you up to 3 hours on reporting alone.
But even better, the assistant can interpret your data intelligently. Need to predict how much of a particular SKU to order based on your past consumption? Just ask and the assistant will answer in minutes. That’s a full day’s work done in the snap of a finger. That’s how AI enhances your procurement process.
AI dives deep into your procurement data, fishing out trends, evaluating supplier performance, and paying attention to potential risks before they become headaches. This means jumping from “Oh no, what now?” to “Aha, let’s do this,” giving your business a leg-up in the market game.
That’s where SynthAlly comes in.
SynthAlly: Intelligent Procurement Assistant
SynthAlly is an intelligent assistant platform for procurement management. The software integrates with all your procurement data sources, extracting and synthesizing this data to produce actionable insights. Those time savings mentioned earlier? They’re accurate, and you can even see what the time and cost ROI could be for your team.
Thanks to SynthAlly, the AI procurement software, the days of tedious, error-prone, and fragmented data are gone. You no longer have to make do with the status quo, your team can enjoy clean, reliable data for top-notch decision-making.
Remember those 98% of decision makers? SynthAlly is about to become their competitive advantage, giving their business an edge. That could be your business too. Book a demo with the SynthAlly team today to get your team’s new intelligent assistant.
Gone are the days of clumsy, manual processes; it’s time to make streamlined, error-free operations the norm.
