SynerTrade, leading global provider of eProcurement solutions, is launching its new roadmap onboarding artificial intelligence to help buyers focus on high value tasks
Paris, June 8th 2017.- Today’s digital transformation technologies are based on SMACS matrix: Social, Mobility, Analytics, Cloud and Security. SynerTrade has already improved its platform with those tools to help purchasers’ daily activities. But what are tomorrow’s next technology?
Many technologies are revolutionizing our environment: 3D printing, smart cities,… among them robotization and artificial intelligence are a hot topic. Firstly introduced in people’s personal lives with Siri on Apple, Google Home, Amazon Echo,.. They are moving now from our houses to our offices: support services are being “robotized” thanks to RPA (Robotic Process Automation), and are asking for more and more AI.
For SynerTrade, this trend is also applicable for Procurement Departments, with the development of smart machine learning systems:
That’s why SynerTrade now invests in the AI and robotization field and is today the first eProcurement solution provider to launch CommodityBots integrated to its cloud-based ePurchasing suite, SynerTrade Accelerate.
This AI based bot was born to help the purchasers in their daily tasks. In short, it compiles a large amount of data, and proactively alerts the buyers on any specific supply chain issues or just when it sees buying opportunities for example. It’s a big move for procurement departments
Eberhard Aust, CEO of SynerTrade.
How does these “CommodityBots” work ? It analyzes elements like logistic performance information, commodity market insights, changes in supply or marketdemands thanks to complex algorithms and continuous machine learning. This is possible because of its neural network related approach. Hence, it advises the buyer on specific actions to be taken. They can be diverse and wide, from the launching of supplier audits and improvements measures, to sourcing strategy modifications, accelerate or slow down negotiations, even bundling topics into one tender,… Of course, the buyer stays in full control of the commodities and can set up the threshold values according to his personal preference by category. It allows him to have a daily help on his actions, set up alerts or plan some tasks. It’s a huge time and resources savings, as the buyer can really focus on his valuable work, while his CommodityBot is handling the repetitive tasks: Master Data management, suppliers and users requests treatment, data integration with the existing software systems.
This product innovation is now available on the SynerTrade Accelerate platform. Indeed, the CommodityBot app has already been shipped and used by customers evolving in the retail and consumer goods industry.
The CommodityBot is also included in the new Core 4 release of SynerTrade Accelerate, launched in May.
SynerTrade is the first to market and provide actionable AI tools within a broad strategic sourcing context. Besides the CommodityBot, other AI tools have been launched in Q1 as well:
We have also launched a Requisition Speech App in Q1, just like the famous “Siri”, to ease procurement requests. It completes our P2P offering through SynerTrade Accelerate´s webshop and invoicing solution, and will be a big step in the procurement field in the long run. Similarly, we have launched the third release of our Automatic Spend Classification Bot, which is using even more advanced AI tools like neural networks while maintaining the ease of use of the first 2 releases
Eberhard Aust, CEO of SynerTrade.
An example of interaction with SynerTrade Accelerate CommodityBot
(click on the picture to see the full size)