Finding new suppliers is critical for any business, and so is reducing supplier discovery time, especially in times of disruption and uncertainty. However, it can also be a time-consuming and challenging process, involving multiple steps, such as market research, supplier identification, qualification, evaluation, and negotiation.
The average enterprise can take up to six months to find and onboard a new supplier. This time frame can be too long for businesses that must react quickly to changing market conditions.
Fortunately, there is a way to speed up and simplify the supplier discovery process: artificial intelligence (AI).
How AI simplifies key steps to reduce supplier discovery time
AI can help businesses find new suppliers in days, not months, by automating and enhancing some key steps. Here are some of the benefits of using AI for supplier discovery:
- AI can scan the global market and identify potential suppliers that match your criteria, such as location, industry, product category, quality, price, delivery time, etc. AI can also rank and prioritize the suppliers based on relevance and performance.
- AI can verify and validate the information provided by the suppliers, such as their certifications, credentials, references, financials, etc. AI can also check the suppliers’ reputation and reliability by analyzing online reviews, ratings, feedback, and more.
- AI can facilitate and streamline the communication and collaboration between buyers and suppliers, such as sending requests for information (RFIs), requests for proposals (RFPs), requests for quotations (RFQs), etc. AI can also provide insights and recommendations on negotiating and contracting with suppliers.
How BabelusAI can help you leverage AI for supplier discovery
BabelusAI is a leading AI-powered solution that provides updated supplier information in the most relevant categories within the energy sector and across multiple other sectors like telecommunications, construction, and the automotive industry.
Leaving no stone unturned
Using a human-in-the-loop (HITL) model and AI, BabelusAI scans the market and identifies the most important suppliers for each category, regardless of whether they are registered on the platform. This effectively generates a 360° view of the supplier market.
BabelusAI invites qualified suppliers to complete their profiles and participate in customized technical analyses outside of e-procurement.
Avoiding broken data with data harvesting
Using AI, the platform also updates its database through data harvesting, augmented by the suppliers. Vendors of all sizes are actively submitting technical data and credentials on our platform for our utility customers in Europe, the Middle East, and the Americas.
BabelusAI is the ultimate solution for data-driven procurement in the energy sector. 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.