Enhanced Supplier Discovery powered by AI - Veridion
Exclusive report
Supplier Discovery

Enhanced Supplier Discovery powered by AI

Subscribe now and take the first step towards reducing time spent on supplier searches from months to days.

The significant increase in supply chain shortages

The significant increase in supply chain shortages

has catalyzed an urgent need for innovation in procurement processes to reduce costs, mitigate inflation risks and enable new growth opportunities. This guide will give you a framework for implementing AI in your organization’s supplier discovery journey to unlock cost savings opportunities without sacrificing product developments and innovations.

Let’s look at the key points covered in the report:

1. Building the case for Enhanced Supplier Discovery powered by AI
  • Adapting to volatile environments
  • Gaining back the time spent on supplier discovery
  • Maximizing the impact of procurement teams in product development and innovation

2. Embrace AI-powered supplier discovery
Enable product development and innovation

Enable product development and innovation.

By leveraging AI in the supplier discovery process, companies can swiftly eliminate the blind spots, ensuring a comprehensive and efficient initial search. This way, procurement teams are freed from the drudgery of manual searches and can instead pivot their focus to more strategic aspects of sourcing.

This includes diving deep into optimizing every vendor relationship to ensure symbiotic growth and gleaning insights from spending data to identify opportunities for further cost savings and improved efficiency.

Drastically reduce search times from months to days.

According to McKinsey, “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”.

To put the difference between manual and AI search into perspective, the graph below compares the time spent by two full-time employees working on a supplier discovery initiative and their results compared to a Veridion-powered search conducted by one of our data analysts.

With Veridion’s Complex Search API, the once months-long journey of data retrieval and analysis is now dramatically shortened to just a few days.

At Veridion, we use multiple AI models to understand unstructured data from billions of web pages and make this collected data actionable in supplier discovery scenarios.

This innovative approach for supplier discovery opens the door to an array of new possibilities for sourcing teams, presenting opportunities that include:

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Instant Global Scans

  • Inaccurate names, company types, and industry categories can lead to legal disputes and non-compliance with regulatory requirements.
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Access to Product and Service Level Insights

  • The search algorithm can sift through over 400 million products and services and return the best matching suppliers alongside detailed descriptions, URLs, and brief descriptions for each product or service.
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Advanced Filters and Search Logic for Highly Specific Needs

  • The high level of granularity for each supplier profile (over 60 data points) enables sourcing teams to conduct searches in natural language using advanced filters like locations, number of employees, minimum or maximum revenue figures, business activities, and industry classifications. (and many more; you can click here to learn more about this)
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Sourcing Based on Sustainable Principles

  • Veridion’s complex universe of Business Tags enables users to search for suppliers that meet diversity criteria, commit to environmentally friendly policies, or even exclude the ones with a track record of harmful practices.
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Overcoming supply chain shortages with Veridion’s Complex Search API.

The chip shortage in the automotive industry, particularly for important ADAS chips used in safety features, has made finding suppliers a real challenge for procurement teams.

Veridion’s API made this easier by quickly finding 30 manufacturers of these chips and offering immediate insights about them. For those keen on a deeper dive, here’s a link to access a data sample from this supplier search.

If you want to:

Understand the urgency for procurement innovation to address modern challenges like inflation and supply shortages.

Explore how AI represents a strategic tool that can transform procurement processes, offering speed, accuracy, and insight-driven decision-making.

Identifying cost-saving opportunities with the help of external data providers like Veridion.

Subscribe with your email and you'll immediately receive a copy of the report.

“Enhanced Supplier Discovery powered by AI”

With this article, you'll unlock answers to
key questions, such as:

Why should Procurement embrace AI-Powered Supplier Discovery ?

In today’s rapidly changing market, AI-powered supplier discovery is crucial for maintaining a competitive edge. It significantly reduces search times and provides accuracy in navigating market shifts.

How can AI accelerate Product Development and Innovation ?

AI streamlines the search for specialized suppliers necessary for new product development and innovation, eliminating blind spots in the search process and enabling procurement teams to focus on strategic aspects of sourcing.

How can AI enable a more efficient Supplier Discovery process ?

AI is presented as a key solution in sourcing, offering substantial results in supplier discovery, enabling cost savings, and supporting product development and innovation without sacrificing efficiency. Moreover, AI allows rapid sifting through millions of supplier records, offering detailed searches and identifying suppliers that meet specific sourcing criteria, thus saving valuable time.

Subscribe now and embark on a journey towards a more streamlined and innovative procurement process.

Our report will provide comprehensive insights and actionable strategies to fully leverage the power of AI-enabled data for supplier discovery.

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