PROCUREMENT
Leverage automation to increase efficiency and improve supplier and vendor relationships.
Intelligent Automation in Procurement
Datamatics Intelligent Automation Platform enables enterprises to streamline and optimize the procurement process. It allows the Procurement team to automate vendor/supplier search and evaluation, onboard them, create supplier scorecards, and so on and so forth. With AI at the core, Datamatics Intelligent Automation Platform allows automating tasks, including supplier relationship management, supply chain management, risk evaluation, risk hedging, contract management, and procure-to-pay. It enables enterprises to automate inventory management for raw materials and products and perform tracking and auditing.
Automation Use Cases in Procurement
Classify different contract formats and extract key fields from vendor contracts by using intelligent document processing. Track contract usage over time and identify and collect on rebates, tiered pricing, and other discounts along with remuneration changes or penalties related to service-level agreement issues. Proactively adjust invoice payments in order to account for reduced payments. Issue supplier notifications and address supplier queries and disputes
Gather large volumes of data including those having a mix of qualitative and quantitative measures. Standardize scorecards of supplier segments. Capture, analyze, and produce meaningful summaries for executive-level discussions periodically
Scan emails and highlight suppliers having the largest numbers of escalations and interactions. Help procurement staff determine whether the time spent on a supplier is in line with its relationship type such as being either strategic or tactical.
Facilitate easy transition of clients to purchasing card form of payment. Electronically email designated suppliers notifications about customers' intent of switching to purchasing cards and gather relevant information using simple, web-based forms. Utilize the gathered data and interface with the client’s accounts-payable system in order to facilitate establishment of the required electronic interchange
Conduct supplier due diligence across a number of risk categories pertaining to processing, reviewing, and scoring supplier data of key risk indicators quickly. Reduce turnaround time and increase efficiency
Perform background checks, supplier document review and supplier follow-up in cases of missing information or documents. Initiate background checks and perform steps for onboarding suppliers, increase accuracy and timeliness and drive enhanced supplier collaboration
Ingest and digitize paper invoices submitted by suppliers and perform checks for missing information, supplier name in the system, purchase order limit and actual contract payout. Follow specific rules and use intelligent automation to address exceptions. In case of differences, prevent invoices from being paid and initiate data requests from suppliers for gathering correct information for addressing discrepancies.
Review contracts and compare them against best-in-class templates. Flag non-standardized terms and conditions and help procurement personnel address large volumes of contracts that are tactical or non-strategic in nature
Classify procurement transactions as they are requisitioned. Leverage machine learning and fuzzy logic for identifying likely category assignments based on the requisitions' text. If the information is insufficient to assign a category, initiate follow-up questions to the requisitioner or to the supplier in order to identify spend category
Perform data extraction, loading and transformation (ETL) in the procurement processes along with reporting and analytics. Procure goods and services at specific times and store this data in specific locations. Perform data transformation after extracting the data from systems
Create a detailed list of all the parts, which are required to create a finished product, in a hierarchical manner for recurrent and on-going development
Monitor and supervise the flow of finished goods from the manufacturing outfit to the warehouses, to the wholesalers, and then to the point of sale so that there is no stock-out
Track the products in the inventory and raise alerts to the concerned stakeholders and inform the procurement and production units when the inventory falls below a specified threshold
Monitor and manages the raw material and parts for seamless production and send alerts to the procurement department or the vendors when it diminishes below the threshold
Define inventory thresholds and communicate to stores in a timely manner before conducting weekly inventory cycle audits. Reconcile quantities for each brand for each store. Validate all critical and high-price tag items in each store in an online mode. Track progress against an annual audit plan and track and monitor Key Risk Indicators (KRIs).
Auto-extract the details from the purchase orders received from clients, update the enterprise ERP systems, and generate invoices by using intelligent document processing.
Automatically extract key details from quotes received from different vendors in different multi-structured formats by using intelligent document processing. Update the vendor management systems and ERPs at a pre-defined frequency.
Quickly extract details from procurement forms received from different departments and update your enterprise databases and ERP systems for fast and efficient execution with intelligent document processing.
Process Bills of Lading generated during each shipping of goods on a fast track and improve productivity by 75% with intelligent document processing.
Quickly auto-extract details from the documentation of both inward and outward consignments by using intelligent document processing and update the enterprise databases in real-time.
Intelligent Automation is a direct function of People-Process-Technology integration.
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Datamatics recommended a centralized repository for helping the client collect data from globally located vendors.
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The demo showcases how Datamatics IA platform automates invoice processing using RPA, AI/ML and IDP
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