LONDON, UK: DeepStream, a leading procurement software provider, has launched a new Supplier Discovery AI Tool to speed up and simplify the supplier discovery process.
DeepStream’s procurement technology supports a wide range of industries globally, including Renewable Energy, Oil & Gas, Food & Beverage, Aerospace, Manufacturing and Shipping.
The tool, powered by DeepAI, allows businesses to search for suppliers based on specific criteria including location, product and service specifications and “suppliers similar to”. It then returns a list of new suppliers to explore and shortlist within minutes that matches the scope of work.
From this point, procurement teams can invite potential vendors to bid on a request, replacing traditional methods which often involve spending days conducting desktop research to find new suppliers to engage with.
It also helps businesses reduce the amount of risk introduced into the supply chain during the vendor selection process.
Formally defined, supplier selection is the process of discovering, researching, evaluating, and ultimately contracting with third-party suppliers of goods and services.
At this stage, high volumes of information are being researched and exchanged with potential suppliers before contracts are awarded. And with crossed wires, lengthy email chains and lack of due diligence, risk can be introduced at the supplier selection stage.
Unlike other artificial intelligence procurement tools available on the market, DeepStream’s DeepAI tool is continually learning, so it can produce accurate results that are aligned to the latest market insights. This allows companies to strengthen their partner network and supply chain with more opportunities for cost savings, diversification, sustainability gains and better value for money.
Combined with DeepStream’s platform, housing the entire source to contract process within a single cloud-based location, the procurement function becomes faster, smarter and less resource intensive.
DeepStream is offering a free trial of its platform, which now includes access to the DeepAI Beta module on all plans, for 14-days with no upfront commitment required.
Jack Macfarlane, Founder and CEO of DeepStream commented:
“We are incredibly excited by the launch of DeepStream’s new Supply Discovery AI Tool, strengthening our proposition to both new and existing customers.
“DeepStream’s goal is to empower organisations with the technology they need to move their procurement function out of the dark ages where chaotic manual processes are holding them back.
“With burnout among procurement professions becoming all too common, unlocking productivity gains and reducing spend while minimising risk is what businesses are striving for. Artificial intelligence is the next generation of eProcurement capability and has the promise to deliver on all three objectives.”
DeepStream is a leading cloud-based procurement software provider, founded by Jack Macfarlane. The team is spread across 6 different countries, including a London HQ, who service a global client base spanning 56 countries.
Its mission is to enable procurement teams to save time, optimize spend and transact with confidence by providing the most user-friendly and powerful cloud-based RFx software for the source-to-contract process – replacing all manual email and attachment-based communication in their entirety.
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