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When it comes to procurement, being competitive is more than just selecting suppliers; it's also about understanding them. Compliance, certifications, diversity information, and risk assessments are all relevant components that establish whether a supplier is a good fit for your company.
A significant challenge is that managing and interpreting all the supplier information is time-consuming, complex, and prone to human error when done manually. This is where Eyvo's eBuyerAssist platform comes into play, equipped with the subtle power of Artificial Intelligence (AI).
Every supplier relationship has risk. Most procurement teams keep track of:
Diversity information and owner demographics
Organizational information (size, industry, and location)
Compliance Status
Current active certifications and critical legal obligations
Risk and performance metrics on suppliers over time
Theoretically, this information provides a comprehensive view. In practice, it can be as simple as manually analyzing this information - think of putting together a puzzle under a time constraint. It is tedious, time-consuming, and easy to overlook significant red flags.
At Eyvo, we have been quietly, yet effectively, integrating artificial intelligence into our supplier compliance module. While others are simply discussing AI "plans" or "visions," we've been incorporating it into real-world procurement workflows, with measurable outcomes.
Our AI will not only store compliance information, but it will also evaluate, analyze, and convert that information to actionable insights, which means:
Automatic Supplier Ratings
Automatically rate suppliers instantly based on compliance information, certifications, and risk elements.
Intelligent Compliance Reports
A clean and easy-to-read overview rather than raw information to review.
Analysis without mistakes
Minimizing the human champions' risk when critically evaluating complex supplier representations.
In traditional procurement, collecting data about supplier compliance is only half the battle; the other half is interpreting the data. Procurement professionals often spend days, if not weeks, comparing certificates, reading past compliance reports, and verifying credentials, without the help of Artificial Intelligence.
The Eyvo AI-enabled compliance module will enable this work to be completed in seconds instead of days. The deliverable is a beautiful, formatted compliance report that both scores suppliers and offers the "why" behind the score that can help your team move on with legitimate direction and confidence.
Using AI for supplier compliance isn't just a time-saver—it's about increasing profitability and competitiveness:
Speed of decision-making enables you to act on opportunities more quickly than the competition.
Accurate scoring of suppliers means reduced risk of disputes and compliance issues.
Better visibility means you will select suppliers that match your standards and values.
When you make better supplier decisions, you not only increase efficiency within procurement but also create a positive impact on your bottom line.
We aren’t here for grandiose, extravagant promises. Eyvo has been incorporating intelligent automation and engineered analytics into real client processes for months, enabling organizations around the globe to make complexity simple, and more importantly, to extract that value faster than they could do themselves, or compared to their competition.
Our mission is simple: to change procurement data chaos into strategic clarity. By embedding AI technology into eBuyerAssist, we can deliver on that mission daily!
Contact us!
