Generative AI updates to Scoutbee Intelligence Platform

How can it be used?

The latest features allow procurement operations to thoroughly analyse and gain new insights into their existing supply base. Using Scoutbee's conversational AI, procurement professionals can pose intelligent and strategic questions such as "Where do I have single-source suppliers for a product?" or "Is there an alternative supplier for this product?" to unveil and address vulnerabilities within their base. A company aiming to provide more business opportunities to its top-performing suppliers can ask, "What capabilities do my preferred suppliers offer that I am not utilising?" and receive immediate responses.

"The speed at which teams acquire comprehensive insights into their supply base directly impacts their ability to advance strategic priorities,” said Gregor Stühler, CEO of Scoutbee.  “The primary obstacle today is that companies' data sources are highly fragmented, difficult to access, and often require the assistance of data scientists to make the data actionable. Our chat features are built upon Scoutbee's foundational data framework, which consolidates and organises companies' supplier information in a meaningful manner. Procurement teams utilising the chat feature obtain precise and timely information to make confident decisions while simultaneously maximising their existing data investments."

SIP provides organisations with an accurate depiction of their supply base and identifies areas for improvement. The platform draws upon a wide array of data points and relevant sources crucial to organisations' decision-making processes, including customer data, third-party data, supplier websites and portals, Scoutbee data, and more. Utilising machine learning models, SIP employs web crawlers to scour the internet and extract additional pertinent data, subsequently classifying, organising, and enriching it before connecting it to a knowledge graph that unveils the relationships between entities. Predictive and prescriptive analytics run on the knowledge graph to assist procurement professionals in drawing actionable conclusions.

"Generative AI holds the potential to revolutionise procurement's contribution to business success," said Karin Hagen-Gierer, a member of Scoutbee's Strategic Advisory Board. "Procurement teams that embrace generative AI will be better equipped to navigate shifting market conditions and disruptions, identify alternative sourcing strategies, optimise operations, make impactful decisions, and ultimately gain a competitive advantage. The sooner teams embrace this technology and embark on experimentation, the sooner they will unlock additional benefits."

SIP, along with its new chat-based features, is ISO 27001-certified and hosted on infrastructure managed by Scoutbee, featuring a multi-tenant structure that ensures data security. To learn more about the practical application of AI in digital supply chain management, explore the possibilities with Scoutbee's platform.

Find out more about the future impact of AI on procurement.