Even when companies have sophisticated purchasing software, data is one of the most influential variables to ensure their permanence. This means data is the new currency that boosts business performance.
In today’s volatile and complex world, data is the most valuable asset for any business. Data can help companies make better decisions, optimize their operations, reduce costs, and improve customer satisfaction.
Data can also have a profound influence on a company’s supply chain.
A study by S&P Global highlighted the importance of data and data management to enhance supply chain resilience, generate new insights, and inform decision-making.
Data is also constantly changing and evolving. This rings especially true in some sectors, where many factors, such as pandemics, climate change, geopolitics, and technological innovation, influence supply and demand.
For example, a report by Deloitte revealed that the COVID-19 pandemic and the war in Ukraine have caused multiple supply chain disruptions in the electric energy sector. This has resulted in increased operational costs in 86% of the cases, project delays in 64%, and loss of productivity in 62%.
With new potential large-scale conflicts already brewing in the Middle East, it is likely this will worsen.
The current state of supplier data
Despite the fact that data is the new currency, and the importance of having up-to-date and accurate supplier data, it’s common for large enterprises to work with only 4 or 5 suppliers in a particular category where there may be 50 or more relevant global vendors available.
Covering only 10% of the available supplier market in a given category means missing out on opportunities to diversify their sources, increase their bargaining power, and reduce their supply management risk.
In this context, supplier data is power; it’s a new form of currency for modern enterprises.
This is where BabelusAI comes in. BabelusAI is a revolutionary solution that provides updated supplier information in the most relevant categories through an innovative model that requires no implementation or training and is affordable compared to large software solutions.
BabelusAI changes the game
With BabelusAI, companies can easily expand their supplier lists and discover new vendors that meet their specifications and conditions.
BabelusAI uses artificial intelligence to scan the market and identify the most important suppliers for each category, regardless of whether they are registered on the platform. BabelusAI invites qualified suppliers to complete or enrich their profiles and participate in customized technical analyses.
Data harvesting: a key to the success of BabelusAI
BabelusAI also updates and maintains its database through AI, augmented by the suppliers. Vendors of all sizes for industries as varied as the energy, telecom, and automotive sectors are actively submitting technical data and credentials on our platform for our customers in Europe, the Middle East, and the Americas.
Furthermore, through data harvesting, our AI crawls each vendor’s website and available catalogs to ensure that all relevant data is kept up-to-date, maintaining the value of the data throughout time.
No supplier is overlooked
Unlike marketplaces and e-procurement platforms that only show registered suppliers, BabelusAI ensures that buyers have a 360° view of the supplier market and do not miss any potential opportunities.
BabelusAI also helps buyers compare suppliers easily through its large language model using natural language. Say goodbye to complex and often inaccurate queries full of technical jargon. In short, BabelusAI enables buyers to make informed and strategic decisions that enhance their competitiveness and resilience.
BabelusAI is all about the customer
BabelusAI is the fruit of 25 years of experience in the global market. All the data we offer is curated by experts in the categories that occupy relevant roles in utilities worldwide.
For example, if we collect data on distribution transformers in Brazil or South Korea, the information is curated by engineers working in utilities in those countries.
We have response times of minutes. We also solve the digitization of the supplier discovery process as part of our corporate strategic goals.
At BabelusAI, our database is constantly growing and contains thousands of suppliers in critical and non-critical categories for the energy sector and many other industries. Contact us today to learn more about how we can help you transform your supplier data, or schedule a call now to discuss developing a pilot for your company at no cost.