EXECUTIVE INSIGHT
HOW DOES PENNY SOFTWARE UTILISE ARTIFICIAL INTELLIGENCE TO ENHANCE PROCUREMENT PROCESSES ?
Penny Software leverages multiple AI applications to streamline and enhance the procurement process at various stages . Here ’ s a breakdown of the key features :
BOQ Reader : Users can drag and drop any Bill of Quantities ( BOQ ), regardless of the format , into the system . The AI instantly creates a draft Request for Quotation ( RFQ ), saving significant time and effort in manual data entry .
Intelligent Vendor Recommendations : The AI recognises products and services listed in the RFQ and suggests suitable vendors from your pre-approved vendor list , ensuring that the procurement process is both efficient and accurate .
Quotation Analysis : Penny automatically collects , compares and analyses quotations and proposals from vendors , presenting the information in a single , easy-to-read tabular format . This feature helps procurement teams make informed decisions quickly .
Generative AI Chatbot : This AI-powered chatbot can answer questions about procurement events , generate detailed reports and provide comprehensive analyses . It serves as an intelligent assistant , making procurement processes more interactive and user-friendly .
These AI applications collectively enhance the efficiency , accuracy and strategic value of procurement operations , making Penny Software a powerful tool for modern businesses .
38 September 2024