BERLIN & LONDON & ATLANTA--(BUSINESS WIRE)--Scoutbee, the leading AI-powered supplier intelligence and discovery platform, today announced generative AI feature updates to the Scoutbee Intelligence Platform (SIP).
The new features enable companies to analyze and get deep insights into their existing supply base. Using the Scoutbee conversational AI, users can ask smart 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 uncover and address vulnerabilities in their base. A company that is striving to give its top-performing suppliers more business could, for example, ask “What capabilities do my preferred suppliers offer that I am not utilizing?” and get immediate answers.
“The faster teams get deep supply base insights, the faster they can advance strategic priorities. The major roadblock today is that companies’ data sources are highly disparate, hard to access, and often require the assistance of data scientists to make the data actionable. Our chat features are built on top of Scoutbee’s data foundation, which centralizes and organizes companies’ supplier information in a meaningful way. Procurement teams using the chat feature get the exact information they need, in the moment, to make confident decisions and can simultaneously maximize their existing data investments,” said Gregor Stühler, Scoutbee’s CEO.
SIP delivers an accurate picture of an organization’s supply base and where there’s room for improvement. The platform draws from practically any data point and source relevant to organizations’ decision making, including customers’ data, third-party data, supplier websites and portals, Scoutbee data, and more. SIP uses web crawlers to scour the internet to extract any additional relevant data using machine learning (ML) models, then classifies, organizes, and enriches the data before connecting it to a knowledge graph that uncovers the relationships between entities. Predictive and prescriptive analytics run on the knowledge graph to help procurement draw the right actionable conclusions.
“Generative AI has the potential to revolutionize procurement’s value contribution to business success,” said Karin Hagen-Gierer, a member of Scoutbee’s Strategic Advisory Board. “The procurement teams that start incorporating generative AI will be better positioned to navigate changing market conditions and disruptions, identify alternative sourcing strategies, optimize operations, make impactful decisions and ultimately gain a competitive advantage. The sooner teams push forward with the technology and experiment, the sooner they’ll unleash additional benefits.”
SIP and its new chat-based features are ISO 27001-certified and hosted on infrastructure managed by Scoutbee with a multi-tenant structure that prevents data leakage. Discover more about how to apply practical AI for digital supply chain management.
Learn more about the Scoutbee Intelligence Platform.
About Scoutbee – Better Data. Better Decisions. Better World.
Scoutbee drives better business outcomes by giving companies the actionable insights they need to perfect the supply base and advance strategic initiatives, such as risk management, ESG and innovation. The Scoutbee Intelligence Platform (SIP) uses graph technology and predictive and prescriptive analytics to deliver holistic supplier visibility that helps procurement make confident supplier decisions, drive cross-functional efficiency, and optimize their existing technology investments. Scoutbee’s AI-powered data foundation connects teams to any data point – internal, external, third-party, and more – and any data combination necessary to orchestrate a resilient, competitive, and sustainable supply base.