Insights / Reports
Enhanced Supplier Discovery powered by AI
The guide for reducing time spent on supplier searches from months to days.
For procurement leaders weighing AI sourcing tools.
Key findings
- 89% of companies reported being adversely affected by cost/spend risk due to inflation in the past 12 months.
- 79% of companies experienced significant supply shortages.
- AI reduces supplier search time from months to days, processing millions of records in seconds.
- Veridion-powered searches take under 1 minute with 95% data accuracy vs. 30–60 minutes at 80–90% accuracy manually.
- AI works best when paired with structured data policies and proactive procurement teams.
Overview
What this report covers
A practical framework for implementing AI in supplier discovery to unlock cost savings, reduce search time from months to days, and enable product innovation without sacrificing speed.
89%of companies hit by cost/spend risk
< 1 minVeridion supplier search vs. 30–60 min manual
95%data accuracy with AI enrichment
Inside the report
Questions this report answers
- Why is procurement still last in line for AI — and what is that delay costing?
- Where does AI actually move the needle in supplier discovery, and where is it just hype?
- How do you cut a three-month supplier search to under a day without losing accuracy?
- What has to be true inside your organization for AI sourcing to pay off?
- How did Veridion surface 30 ADAS chip manufacturers during the auto chip shortage?
On average, it takes about three months to complete a single supplier search, with a sourcing professional logging more than 40 hours of work — and yet able to consider only a few dozen suppliers from a total population of thousands.
Contents
What’s inside
- Why procurement can no longer be last in line for AI adoption
- Building the case for AI-powered supplier discovery
- Adapting to volatile supply environments
- How named-entity recognition extracts supplier data at scale
- Maximizing procurement's impact on product innovation
- A practical framework for getting started
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