Raapyd VMS automates sourcing to enable impactful procurement

AI-ML technologies have transformed the procurement process with sourcing cycles getting increasingly automated and harmonized to facilitate quick decisions. While outmoded sourcing systems for vendor onboarding are clearly arduous for enterprises with undue dependence on manual processes and inadequate compliance analysis, Smart Sourcing rides on AI-capabilities. AI-powered sourcing enables the enterprises to digitize the cycle with data-driven supplier-identification and selection with seamless documentation, qualification, evaluation and contract negotiation. Enterprises can focus more on higher-value tasks while sourcing of vendors for them happens without any manual intervention and with greater efficiency.

Raapyd’s AI-enabled Vendor Management System (VMS) software capitalizes on AI-driven sourcing tools to accelerate Intelligent Vendor Sourcing, resulting in a good reduction in procurement costs. Sourcing with Raapyd VMS is an organized PR-to-PO process for enterprises with 8 specific benefits:

1. Enterprises will have an automated PR-to-RFP/RFQ initiation for vendor engagement. Raapyd VMS enables businesses to make instant communication to multiple vendors with demands for materials or services.
2. AI-driven algorithms scrutinize vast data-sets and identify relevant vendors on the specific criteria of materials or services, prices offered and past performances.
3. The vendors beyond the data-sets can make a bid with AI-automation validating their entries and credentials in real-time. Scope for non-registered vendors makes our VMS a great solution for multi-vendor network.
4. Quotation submission by the vendors happens in a uniform format instantly. Having quotation in identical format helps the system to detect incomplete applications in seconds and send them for follow-up.
5. Raapyd VMS leverages on its well-structured algorithms to conduct auctions among relevant vendors to find out the most cost-efficient category-wise price for businesses for procurement. Scope for competitive pricing with the VMS adds additional value for an efficient procurement.
6. Integration with third-party databases or risk management tools helps with scrutiny of industry-specific certificates and compliance standards of selected vendors in a seamless manner.
7. AI-powered contract management tools help to assess the basics of contract agreements, detect potential risks and ensure contract reviews, leading to SLA-centric contract negotiation in real-time.
8. After the vendor’s information is automatically integrated into an ERP-system, vendor-record gets created to start digital accumulation of further dealings and communications of vendors in real-time, without any fail.

Raapyd VMS enables businesses to have Spend Management all through the sourcing process, with audit trails embedded in the system. AI-enabled constant communication support for vendors during the entire sourcing cycle is a vital part of our VMS. The solution even allows the vendors to backtrack at any stage of the process. Real-time communication aligns the expectations of vendors and businesses right from the start. This also goes a long way in saving time and reducing the risks and extent of manual involvement in conducting routine vendor exchanges. Vendor Sourcing with Raapyd VMS software certainly drives efficiency in procurement, bringing in transparency, control and cost-effectiveness for enterprises.

Raapyd, a global technology company, offers an AI-powered VMS software that is structured as a ready-to-deploy SaaS platform on microservices-based architecture. Raapyd VMS is pre-integrated with ERP-systems to simplify vendor lifecycle management. The system harnesses AI/ML capabilities to optimize source-to-pay operations, support timely decision-making and deliver real business impact for enterprises.