In order to receive the data sample, please fill out your e-mail address below
Keep up to date with our technology, what our clients are doing and get interesting monthly market insights.
Subscribe now and take the first step towards reducing time spent on supplier searches from months to days.
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.
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.
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.
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.
Understand the urgency for procurement innovation to address modern challenges like inflation and supply shortages.
Identifying cost-saving opportunities with the help of external data providers like Veridion.
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.
