AI Chatbots: Redefining Business Purchases

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Online Chabot's transforming purchase dynamics
for companies

• Digiprima Technologies

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• How AI Chatbots Are Changing The Procurement
  Process Landscape And Assess
• We take a focused look at how AI Chatbots are
  changing the procurement process landscape and
  assess how it has the potential to become a major
  business game-changer. 
• Defined as the capacity of a computer to perform
  operations analogous to learning and decision
  making in humans, conversational AI has the
  potential to engage people more resourcefully.
• Conversational Interface (CI), commonly referred
  to as Chatbots involves verbal and written
  communication akin to chatting with a human.  It
  is endowed with the feature of context-aware
  memory that allows it to remember previous
  conversations with the same person. Procurements
  are using chatbots to not only restructure the
  people-to-business linkage but also to turn it
  into a viable and effective customer service
  feature. 

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• Conversational systems with Natural Language
  Processing (NLP) enhance the user experience by
  allowing buyers to interact in the language of
  their choice.
• It has the capability to perform and replace
  manual complicated tasks and can offer
  recommendations based on past transactions.
• Conversations boost usability, enhance comfort in
  use, and build a rapport with end users.
• One of the major digital impacts on businesses
  in the near future will be from Artificial
  intelligence. It is imperative that organizations
  gear up to be AI-ready to capitalize on
  first-mover advantages.

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Traditional Procurement Manpower-Intensive and
Costly Paperwork Processes
Procurement functions have traditionally been
saddled with heavy manpower resources, cumbersome
paperwork processes, and burdened with
substantial administrative costs.   This is one
of the major reasons that AI is increasingly
being incorporated into the procurement process.
Procurement departments are open to testing and
implementing a multitude of technological
solutions, be it the Internet of Things using
AI or testing with blockchain, they sure are
seeking viable solutions to enable better and
faster work optimization. COVID-19 has in its
wake opened up newer avenues of incorporating the
latest technologies rapidly and making systems
and processes more automated, resource-optimized,
and result-oriented.
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Automating Invoice Processing and Approval of
Proposed Purchases

• A survey conducted by Ivalua showed that two of
  the biggest areas having the greatest potential
  for automation are Invoice Processing (51) and
  approval of proposed purchases (35).
• Procurement software will lean towards AI-based
  invoice automation. This will allow the transfer
  of mundane, daily tasks like invoices contracts
  checks, purchase orders, recordkeeping, etc to a
  digital assistant. This will free up the time and
  resources spent by the employee and allow him to
  focus on high-value work.
• Chatbots will play a larger role in influencing
  buyers on what and when to buy based on
  consumption patterns. In the foreseeable future
  AI in combination with predictive analysis may
  just implement purchases autonomously and may
  also consider external factors like seasonal
  changes which can help control damage from unused
  inventory.

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Minimize Supply Chain Risks

• However, there is a transition phase that needs
  to be considered. Procurement departments must
  align themselves to reduce their dependence on
  labor-intensive processes and match consistent
  data to fit in with intelligent automation. There
  are many emerging technologies that are helping
  to bridge the gap and enable a seamless
  transition model.
• Listed here are some ways that AI could impact
  procurement models making them more resourceful
  and effective. 

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Minimize Supply Chain Risks 

• Supply chain risk is a bottleneck point for
  buyers. Incorporating technology will go a long
  way in easing the pressure.  It will enable
  companies to have control of suppliers via
  verified data and in association with predictive
  analysis they can create supplier risk profiles
  and risk events.
• As supply chains update their software to
  automate POs it will allow seamless collaboration
  between procurement and vendors, reduce order
  times, and execute supply chain operations more
  effectively and on a real-time basis.

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Propel the procurement department as a Bottom
Line Influencer

• As procurement departments incorporate a
  data-focused approach, and add more value to the
  organization, it will move swiftly from being
  seen as only a support department to having a
  strategic impact on the bottom lines.  It is
  estimated that AI may help procurement attain
  15-25 savings on addressable spending.
• Technology is changing the business landscape at
  an exponential rate. Enterprises are in a complex
  race to incorporate the latest trends and
  technologies to stay at the top of their game.
• As AI progresses, it will create path-breaking
  collaborations and will take the experience
  levels to a new high. Co-botics will be the scene
  of the near future where the coupling of humans
  and robots will deliver tremendous results. So as
  purchase departments commence the journey towards
  becoming AI-empowered, many opportunities will
  surface to catapult the procurement into a more
  strategic role that can deliver reliably higher
  value.

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