In a perfect world, your procurement team would have infinite resources to bring in the most cutting-edge technology possible. This would modernize their environment and improve efficiency and productivity.
But the current reality is that procurement teams are being asked to do more with less. CFOs are prioritizing the optimization of expenses, risk reduction, and tracking every single dollar. Teams are asked to be strategic with suppliers and save as much money as possible.
This is one of the main reasons Terzo exists. To help procurement officers gain access to the data they need. With that data, they can accomplish more, make data-backed decisions, and equip the C-suite with the right information at the right time.
Here's how Terzo can help procurement officers face these challenges head-on:
Augment Team Headcount
Procurement leaders have been facing the same directive for years: cut their teams in half. While budgets and headcount have been constrained, there are still thousands of supplier documents and invoices to manage. It’s a huge amount of work to accomplish with a small team. Constantly trying to play catch-up leads to team burnout and critical mistakes. We’re a small team at Terzo, so we really understand this.
Technology is the only way to meet demand with less headcount. Terzo gives teams the power of artificial intelligence through a unique AI-as-a-Service model. Our intelligent document management saves time, money, and resources. No more manual contract review. It’s the best way to stay ahead when you need to reduce headcount.
Fill the Procurement Technology Gap
Historically, procurement technology has been limited. Systems like SAP Ariba and Google are great procurement technology solutions, but they have some big gaps in functionality. Most critically, they can’t read PDFs. If they can’t read them, they can’t mine precious data from contracts, invoices, and purchase orders. The information is buried and can’t be extracted or analyzed by AI.
Large corporations have thousands of supplier documents, and all that data must be manually entered into the systems. And that just isn’t going to cut it anymore.
Terzo integrates with and complements systems like Ariba and Coupa to manage this impossible task for procurement teams. Instead of a slow, error-prone process, Terzo gets the job done in a fraction of the time with 99%+ data accuracy. We provide contract intelligence into all the documents and static PDFs that the older systems cannot.
Get a Seat at the Executive Table
Many procurement officers are passionate about driving change and innovation in their organizations. That can only happen when procurement gets a seat at the executive table.
The fastest way to get there is to get the data. When you have data, you have answers. Procurement has data for diligence and big decisions locked up in contracts, and once it’s accessed, it’s invaluable. Having the answers puts you in the room with the decision-makers.
Terzo can help you unlock insights in your siloed financial documents. With those answers, you can turn recovered data into millions of dollars saved for your company. That data can help procurement officers become the go-to person in the organization, and that’s a great thing.
The Future of Procurement
Although procurement teams are continually being asked to do more with less, there is hope for the future. AI-driven procurement technology solutions like Terzo are just the tip of the iceberg when it comes to breaking down silos between departments. When procurement Teams work with Finance, Legal, and IT to create organization-wide change, everyone can benefit.
It’s our goal at Terzo to get these teams to work together to support each other through every step of the funnel. Procurement has an important place, ensuring that risk is controlled and the organization is in a safe place. Terzo supports collaboration between teams and helps each team solve unique challenges.
To learn more about leveraging the power of AI to improve your procurement strategy, reach out to the team at Terzo for a free consultation.
