10 ways AI can help improve supplier discovery

We will explore 10 ways AI can help improve supplier discovery

1. Faster supplier discovery: With AI-powered tools, businesses can scan millions of suppliers in a fraction of the time it would take a human to identify new suppliers. This approach can help companies to identify new suppliers in days rather than months, improving the speed and efficiency of the supplier-identification process.
2. AI-powered new product development: AI is driving new product development in startups, with $16.5B raised in 2019. AI can help businesses identify new suppliers for innovative product development, leading to an increase in investment in AI-related technology.
3. Access to external data: AI can help procurement organizations capture relevant new data sources, such as from external data sources like the Internet. With access to vast amounts of external data, AI can help identify new suppliers or even new markets to enter.
4. Improved logistics costs: Early adopters of AI-enabled supply-chain management have improved logistics costs by 15 percent, inventory levels by 35 percent, and service levels by 65 percent, compared with slower-moving competitors. Multiple solutions have emerged to help businesses implement AI-enabled supply-chain management.
5. Improved digital transformations: Solid data and AI-driven insights can help businesses improve digital transformations. With the help of AI, companies can improve the quality of their data and insights, leading to more powerful customer results.
6. Improved sustainability: Sustainability is a growing concern for supply chain managers. Most of an organization's indirect emissions are produced through its supply chain. AI can help improve supply chain operations to make them greener and more sustainable.
7. Identify new potential suppliers: AI has access to a vast amount of external data and can help businesses search for new suppliers in the market. This approach can help businesses identify new suppliers with greater ease and efficiency.
8. Improved supplier relationships: AI improves supplier relationships by allowing suppliers to be more data-informed. By improving supplier relationships, businesses can create more efficient supply chains and reduce costs.
9. Better procurement practices: AI can help businesses improve their procurement practices by making e-sourcing mandatory, storing all contracts in a dedicated repository, and using smart procure-to-pay solutions properly configured and populated by relevant suppliers. These practices can help businesses solve pressing challenges facing the procurement function today.
10. Improved supply chain transparency: AI, coupled with a fleet of IoT devices.

BabelusAI is implementing AI for supplier discovery

BabelusAI is a supplier discovery platform based on artificial intelligence that generates high-quality results, as easy to use as Google or Bing.

BabelusAI can scan millions of suppliers in a fraction of the time it would take a human to identify new suppliers. This approach helps companies to:

1. Identify new suppliers in days instead of months, improving the speed and efficiency of the supplier identification process.
2. Search for information on suppliers within the company's supplier base.
3. Identify suppliers from technical specifications.
4. Identify the right person in the supplier who attends the company.