Webinar recording: Optimizing purchasing with artificial intelligence (AI): practical uses and applications

In our exclusive live webinar "Optimizing procurement with artificial intelligence (AI): practical uses and applications" with Johannes Groll, Managing Director and Head of Product Development at Tacto, we explain the potential you can leverage with the help of AI in procurement.

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In an increasingly digital and data-driven economy, optimizing procurement is crucial to a company's success.

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Many medium-sized companies are faced with the challenge of making their purchasing processes more efficient and increasing their transparency at the same time. Traditional methods and manual processes quickly reach their limits here. Integrating AI into the purchasing process can counteract these challenges and create new potential at the same time.

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Artificial intelligence (AI) describes the ability of computers to perform tasks that require human intelligence, such as solving complex problems, processing natural language, visual perception and decision-making. Machine learning (ML), a subfield of AI, enables computers to learn from data and recognize patterns. This technology can be useful in many areas, especially for repetitive tasks.

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Specific applications and fields of use of AI in purchasing

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1. supplier communication: Automated e-mail responses based on database information can increase the efficiency and accuracy of communication.

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2. log generation: Automated generation of clear and structured logs from notes and records that are stored in the supplier file.

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3. market insights: Creation of market analyses and cost structures in order to anticipate trends and develop proactive procurement strategies.

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4. negotiation strategy and simulation: suggestions for sound negotiation strategies and simulations to achieve better negotiation results.

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5. contract analysis: analysis of new and existing contracts to identify relevant points and potential risks.

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6. compliance/document analysis: analysis of compliance with regulations and proactive notification of anomalies in documents or certificates.

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Public AI providers often have data protection issues that limit their extensive use. Tacto relies on proprietary software with clear data protection principles and guidelines, which means that all documents can be used securely for AI applications.

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Outlook

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Tacto pursues a comprehensive approach to the digitalization and optimization of purchasing processes in SMEs. The use of artificial intelligence enables companies to increase their efficiency and focus on strategic tasks. If you would also like to optimize your purchasing processes, Tacto offers tailor-made solutions for medium-sized industrial companies.

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