Sourcing of vendors is the soul of a procurement process. As AI-ML technologies have revolutionized procurement on the whole, sourcing cycles have become automated and harmonized for quick decisions.
AI-capabilities digitize the sourcing cycle
Old-styled sourcing systems for vendor onboarding are cumbersome for enterprises with undue dependence on manual processes and inadequate compliance analysis. But AI-powered sourcing enables them to digitize the cycle with data-driven supplier-identification and selection with seamless documentation, qualification, evaluation and contract negotiation. Enterprises can concentrate more on higher-value tasks while sourcing of vendors for them happens without any manual intervention and with greater efficiency.
Smart Sourcing with Raapyd VMS results in significant reduction in procurement costs
Raapyd’s AI-enabled Vendor Management System (VMS) software leverages on AI-driven sourcing tools to accelerate Intelligent Vendor Sourcing, resulting in a good reduction in procurement costs. Sourcing with our VMS can be understood as a step-by-step structured PR-to-PO journey for enterprises. Let’s break the journey into 8 parts:
- Automated PR-to-RFP/RFQ initiation for vendor engagement- It all starts with automated PR-to-RFP/RFQ initiation to multiple vendors. The VMS enables businesses to make instant communication to multiple vendors with demands for materials or services.
- AI-filtered collation of relevant vendors- AI-driven algorithms analyze vast data-sets and extract relevant vendors on the specific criteria of materials or services, prices offered and past performances.
- Chances for non-registered vendors- Even non-registered vendors can make a bid with AI-automation validating their entries and credentials in real-time. Scope for non-registered vendors makes our VMS a great solution for multi-vendor network.
- Quotation submission by vendors in identical format- Quotation submission by all registered and non-registered vendors happens in a prescribed format instantly. Having quotation in identical format helps the system to detect incomplete applications in seconds and send them for follow-up.
- Auction among vendors to explore the best price- Raapyd VMS capitalizes on its well-structured algorithms to execute auctions among relevant vendors to find out the most cost-efficient category-wise price for businesses for procurement. Scope for competitive pricing with the VMS adds additional value for an efficient procurement.
- AI-backed multi-factor identification of vendors- AI-led multi-factor identification of vendors takes place promptly. Integration with third-party databases or risk management tools helps with scrutiny of industry-specific certificates and compliance standards of selected vendors in a seamless manner.
- Real-time contract negotiation- AI-powered contract management tools help to assess the basics of contract agreements, detect potential risks and ensure contract reviews, leading to SLA-centric contract negotiation in real-time.
- Seamless ERP-integration of PO- After the vendor’s information is automatically integrated into an ERP-system, vendor record gets created to start digital accumulation of further dealings and communications of vendors in real-time, without any fail.
With audit trails embedded in the system, Raapyd VMS enables businesses to have spend management all through the sourcing process.
AI-enabled constant communication support for vendors during the entire sourcing cycle is an integral part of our VMS. The solution even allows the vendors to backtrack at any stage of the process. Real-time communication aligns the expectations of vendors and businesses right from the start. This also goes a long way in saving time and reducing the risks and extent of manual involvement in conducting routine vendor exchanges.
Vendor Sourcing with Raapyd VMS can definitely be defined as a winning strategy to drive efficiency in procurement, bringing in transparency, control and cost-effectiveness for enterprises.
Raapyd, a global technology company, offers an AI-powered VMS software that is structured as a ready-to-deploy SaaS platform on microservices-based architecture. Raapyd VMS is pre-integrated with ERP-systems to simplify vendor lifecycle management. The system harnesses AI/ML capabilities to optimize source-to-pay operations, support timely decision-making and deliver real business impact for enterprises.
Visit the Raapyd website at www.raapyd.com and know more about the Raapyd VMS software to reduce your procurement costs and infuse efficiency in the sourcing process significantly!
