You say “AI”, we say “magic”. ✨
AI is a buzzword, and boy, is it buzzing right now in B2B solutions. And it’s made its way to procurement, too.
Don’t get us wrong, it’s great. The thing is, a lot of the time, it’s just an add-on on top of existing software, just so you can slap “AI-powered” in the homepage copy.
But the real question is — what does the AI do? How is it making work (and life) easier for people who use it? And how reliable is it? Can you really trust it to make smart financial decisions?
Here’s our take.
AI’s here to have your back
You’re the decision-maker here, and that’s not going to change with AI (not yet, anyway.) But AI is here to make collecting data to make these decisions faster and easier. With all the important bits of information at your fingertips. Like best prices, trusted vendors, spend trends and budget implications. And that’s where the magic happens.
Here are a few examples:
- It can collect all the necessary information related to the procurement process — from vendor research to the pricing of individual products and finding the most cost-effective alternative. And hand it all to you on a (virtual) plate.
- It can automatically negotiate the best deal in the procurement process.
- It can automate approval processes that sometimes drag on, killing innovation, agility, and creativity (and often, costing your company actual money.)
- It can help optimize order management across the entire process.
- It provides tight financial control so you can prevent budget overspend.
And so much more.
What does it mean?
When you’re a CFO, it can feel like being able to extend your workday (without actually extending it and making you work longer hours.) And like you have access to a collective CFO knowledge and network, so you don’t have to always go it alone.
When you’re a procurement manager or expert, it can feel like you suddenly have all the tools you need to efficiently do your job and get the best deals. Without all the frustration because tasks are piling up, the software you’re using is clunky at best, and the CFO keeps pushing for that report that was due, like, yesterday.
But is AI reliable, you ask?
It is a valid concern. And here’s our approach.
Many software platforms that claim to be “AI-powered” or “AI-driven” are really just legacy software with an AI layer on top. Those legacy systems are sometimes really not flexible. And often, that AI layer is some sort of a version of Chat GPT or other popular solution. The whole thing, in most cases, is hardly innovative and not nearly as efficient as the marketing slogans claim.
At Logintrade, AI is in our DNA. We’re building a procurement management platform that’s AI-powered from the very first lines of code. So, from the start, it’s designed to be faster, more flexible, and more reliable. Plus, it’s not limited to just the internal data that the company has. It lets you tap into virtually unlimited knowledge to make your procurement processes actually more efficient.
Forgive us the cliche, but the pace at which business is changing right now is unprecedented. And finance — the core of business — can’t stay behind.
So, come along as we help CFOs and procurement experts not just keep up but get ahead.
