elsAi for Procurement
The manufacturing environment is changing quickly. Manufacturers are always looking for methods to streamline processes and increase productivity as profit margins get thinner and competition gets stronger. Procurement is an important area that is ready for change. Your smart GenAI copilot, elsAi, is here to support procurement managers and manufacturing industry experts. Imagine a time when time-consuming chores are automated, permits are granted in a matter of hours rather than weeks, and possible hazards are recognized before they become expensive obstacles. elsAi brings this future to pass.
Traditional Procurement Process
Data Entry
- Manual creation of purchase orders (POs), requests for quotation (RFQs), and contracts in a system or on paper forms.
- This can be time-consuming and prone to errors due to human data input.
Supplier Verification
- Procurement staff manually verifies supplier information and qualifications, which often involves contacting references and checking documentation.
- This can be a slow process and requires careful attention to detail.
Contract Review
- Procurement specialists manually review contracts for potential risks and compliance issues. This involves reading through the entire document, which can be lengthy for complex contracts.
- There's a risk of missing important details that could be financially or legally damaging.
Approval Routing
- Procurement staff physically routes documents (paper copies) or electronically sends them for approvals across various departments (e.g., legal, finance).
- This process can be slow and inefficient, causing delays in purchasing essential goods or services.
Document Management
- Procurement maintains physical filing systems for paper documents or uses digital folders to store electronic documents.
- Physical files can be cumbersome to manage and search, while electronic folders can be disorganized without proper naming conventions.
How elsAi transform a procurement Operation
01. Reduced errors
Manual data entry and contract review are prone to errors. elsAi minimizes these errors by extracting information from documents and using NLP to analyze contracts for risks. This leads to a more accurate and reliable procurement process.
02. Improved cost savings
By automating tasks and identifying potential cost-saving opportunities through data analysis, elsAi helps procurement teams get better deals and optimize spending.
03. Enhanced compliance
elsAi helps ensure compliance with company policies and regulations by automatically flagging potential risks in contracts. This proactive approach minimizes the risk of legal issues and financial penalties.
04. Increased productivity
By automating repetitive tasks, elsAi frees up procurement staff to focus on higher-value activities, such as building stronger supplier relationships and negotiating better contracts.
05. Faster turnaround times
elsAi automates data entry, supplier verification, and approval routing, significantly reducing the time it takes to complete procurement tasks. This frees up procurement teams to focus on strategic initiatives.
5 key benefits of elsai on procurement
Enhanced Efficiency
elsAi automates time-consuming tasks like data entry, supplier verification, and approval routing. This frees up procurement staff to focus on higher-value activities like strategic sourcing and supplier relationship management.
Improved Accuracy
By automating manual tasks and utilizing data analysis, elsAi minimizes errors in data entry, supplier verification, and contract review. This leads to a more reliable and trustworthy procurement process.
Data-Driven Decisions
elsAi analyzes vast amounts of procurement data to identify trends and opportunities. This empowers procurement teams to make informed decisions regarding cost savings, contract negotiations, and supplier selection.
Optimized Output
By automating manual tasks and streamlining processes, elsAi allows procurement teams to work more productively. This translates to faster turnaround times, improved collaboration, and a greater contribution to the organization’s success.
