Instances of Sourcing Automation focused on categories or classes of bidding mechanism.
Benefits: Speed, agility and savings.
Keelvar Automation allows Sourcing Bots to be constructed quickly and easily to automate simple or complex processes from beginning to end. Identify repetitive and time-intensive sourcing processes and witness immediate time and cost savings in your sourcing process. This allows you to invest more time and effort in strategic initiatives and relationship management.
An example feature: Autopilot.
Sourcing Automation for all categories doesn’t require all steps to be automated.
For example, Sourcing Automation of simple RFPs may only require an autopilot bot to automatically open, close and award rounds.
Power & Control
Why Sourcing Automation?
Procurement in 2018 has hardly evolved since the 90’s.
Sourcing teams still face the same difficulties that they did 30 years ago:
– large amounts of time consuming manual work
– error-prone processes
– no standards or best practices to rely on
– slow processes
– lack of oversight and analytics tools
This implies that:
– Strategic sourcing processes are slow
– Few people understand best practice
– Few organisations have sufficient time or access to the right tools to truly achieve excellence.
Sourcing automation addresses these failings by leveraging AI to automate best practice.
AI is trumping expert human performance in many domains. For example, poker is a complex game and few people ever master it and those that do invariably require many years of practice.
AI-powered bots, however, have now mastered Poker and even the world champion cannot beat a bot that has learned how to master the game theoretic analysis and calculation of mixed strategy equilibria to optimize payoffs.
These advances can also be applied to sourcing. Sourcing Robotics (or Bots) refers to intelligent systems that control and operate sourcing events on behalf of sourcing managers. These bots embed intelligence that are specific to a category. A bot knows how to manage a sourcing event for that category from beginning to end and relies on supervised learning mechanisms when users wish to override the bots preferred choice of action. This override action also serves as a training mechanism for the bot to continuously improve.
The Sourcing Bot deployment includes an integration
service. This will include a container for customer code
deployment so customer could encode proprietary trading
strategies to determine initiation triggers and instructions to a Sourcing Bot. This could include stochastic models or
other sophisticated techniques.
Key components include integrations with internal systems for demand, supplier, stock data capture, microservices, automated bidder invitation, automated messaging, automated Outlier Detection for data cleansing and report generation. Bots also provide typesafe data entry for automated validation of bid data and automated calculation of scenarios with business rules.
WORLD’S FIRST SOURCING AUTOMATION PLATFORM
Use Case Example: Packaging
An example deployment of a bot infrastructure involved a Fortune 500 food & beverage company. In this case, the bot was focused on packaging. The key aims were:
What to know more? Then take a look at our “Keelvar AI-Enabled Sourcing Automation” whitepaper.
The Keelvar Konnect conference is an opportunity to learn how Sourcing Bots can drive better talent retention, faster sourcing, reliable excellence in negotiations. Keelvar Konnect is the world’s top event for addressing cutting edge techniques in Strategic Sourcing.
Request your invite now to join the future of sourcing!