AI has changed how we do business, and that’s great news for procurement leaders.
Leaders are under unprecedented pressure to run procurement teams with a smaller budget and headcount. Increasingly, leaders are turning to AI solutions like contract and financial intelligence to close that gap.
While generative AI makes headlines (think ChatGPT/OpenAI), applied AI solutions like Terzo are the future for procurement teams. Terzo is a financial intelligence platform that exists to help procurement officers gain access to the data they need every day. With that data, teams can accomplish more, and leaders can make data-backed decisions that drive results across their entire enterprise.
Meet demand with less headcount
Despite procurement teams being cut in half, the volume of work is the same. Enterprises have thousands of supplier invoices, purchase orders, and other financial documents to manage. This volume of work would be difficult with a large team, but it’s impossible to manage it with smaller teams manually. When small teams are tasked with manual data extraction and analysis of this volume of work, it can lead to burnout and mistakes are inevitable.
Document intelligence solutions help small teams meet demand without burnout and mistakes. AI document intelligence like Terzo unlocks data in documents and saves teams time and money immediately, without manual review.
Gain new insights through integrations
Procurement technology has historically been limited. While older systems like SAP and Oracle are still great solutions, they have one big blind spot: they cannot read PDFs. Because of this gap, the critical data in those documents remains buried unless teams extract it manually. Manual extraction is not only a tedious process, it also can take an army of people to do it.
Contract AI solutions like Terzo integrate with and complement those older systems. Using Terzo, teams can easily extract and analyze data across your entire enterprise. Instead of a slow, manual process, Terzo gets the job done in a fraction of the time with 99%+ data accuracy. Terzo goes where older systems cannot: into all the documents and static PDFs that were previously inaccessible.
The importance of AI governance
If you’re using AI, you need an AI governance committee.
Procurement leaders must work together with other teams to establish an AI governance committee to analyze risk and reward. This committee should consist of technical leadership across multiple departments, as well as team members who work with AI day-to-day and understand its complexities. It’s important to involve legal expertise as well, either by working with your internal legal team or involving an outside consultant who understands the specifics of current AI regulations.
Even though we know AI solutions can help procurement teams increase productivity and make better, data-backed decisions, we also know that it is a risk to introduce any new AI solution to your environment without rigorous analysis. At Terzo, we believe AI governance is critical.
AI is changing the procurement game
Procurement leaders have more resources than ever, thanks to AI-fueled document intelligence solutions like Terzo. With access to increased contract intelligence and analytics, they can make powerful data-backed decisions that will improve financial results every quarter. AI solutions help unlock answers in your contracts, invoices, and other financial documents. That data can be used by leaders across the entire enterprise, all thanks to Procurement.
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.
