Artificial intelligence (AI) could play an important role in procurement processes by helping untrained users to access complex software and make effective decisions, the New Jersey-based software vendor GEP said.
The company today said it had launched what it called “the industry's first” AI-driven total orchestration solution to transform users' experience and efficiency for enterprises. The software includes a built-in co-pilot that embeds intelligence across complex workflows while simplifying the end-user experience, GEP said.
According to GEP, that approach is needed because the majority of procurement software application users are increasingly non-procurement professionals — including rank and file employees, warehouse material managers, and legal and finance professionals. Those users continue to find procurement processes innately complex, despite advances in software functional capabilities.
By leveraging its generative AI and low-code platform called GEP Quantum, GEP's orchestration approach adeptly understands and guides users' buying decisions, streamlines all processes, improves collaboration, decision-making, control, and visibility over enterprise spend to uncover and deliver superior value.
"In a few years, more than 80% of procurement transactions will be executed by non-procurement business users," Santosh Nair, GEP's chief product officer, said in a release. "GEP's orchestration solution provides users with a simple guided intake process and visibility into the next steps with conversational collaboration and auto-fulfilment of their needs. GEP Total Orchestration Solution is an advanced intelligent engine that orchestrates the whole procurement flow and integrates seamlessly with other applications in the ecosystem."
For example, the new platform supports guided purchasing by letting users initiate a request or ask for something they need using a simple search bar, eliminating dozens of steps and clicks. It also lets them use natural-language queries, instead of pre-determined charting, so they can analyze and create high-level dashboards of data from any source. And it automates contract management, so users can easily view and manage their contractual obligations and sub-activities.
EXHIBIT 1: Market forecast for industrial robots - revenuesInteract Analysis
