PROCUREMENT TRANSFORMATION
climate and geo-political risks we ’ ve witnessed in recent times .”
Breaking this down further , Sunil believes an integrated S2P experience should cover connectivity across :
• Workflows : This might relate to seamless initiation of a contract request with legal teams after a procurement RFP award or a refreshed vendor ESG compliance report request by vendor managers and contract compliance managers during the life of the vendor relationship or contract
• Information : Instant access to POs and contracts for finance teams to verify vendor invoices against contracted terms and entitlements or contracted pricing for purchasing teams to order based on contracted prices and negotiated discounts
• Insights : For example , instant sharing of AI-identified elevated vendor risk with vendor management , procurement , contracting and finance teams , or sharing of vendor contractual nonperformance and disputed payment patterns and AI-generated insights with procurement for remediation and with finance for credit and penalty recovery
“ AI ’ s functionality hugely increases when it becomes embedded throughout the S2P platform used ,” Olivier adds .
“ When the technology connects to multiple sources of information , uses data which is continually updated in real time and proactively identifies new avenues of opportunity for this information , business gains its true value .
“ Harnessing the full linkage and speed AI provides enables procurement teams to significantly enhance their capabilities and ensure procurement can truly transform business value .”
Plotting a Gen AI roadmap Sunil , meanwhile , is far from surprised to see an “ army of Gen AI use cases ” for sourcing , procurement and finance leaders to evaluate and adopt – and is well placed to comment in this area , given Aavenir was built as an AI-first company .
With its proprietary LLM , conversational AI assistant , Avy AI , alongside a comprehensive suite of applied Gen AI capabilities , the firm offers an embedded , intuitive experience within its S2P applications , delivering productivity gains and cost and risk reduction .
“ Harnessing the full linkage and speed AI enables procurement teams to significantly enhance their capabilities ”
SUNIL MASAND SVP PRODUCT , AAVENIR
98 November 2024