SAN FRANCISCO--(BUSINESS WIRE)--Third paragraph of release dated November 8, 2023, should be removed.
The updated release reads:
ZIP EXPANDS INTO SOURCE-TO-PAY CATEGORY, INTRODUCES ZIP SOURCING AT TODAY’S INAUGURAL USER CONFERENCE
AI-Powered Automation Solution Helps Customers Eliminate Manual Processes
Zip, the world’s only intake-to-pay platform, today announced the launch of Zip Sourcing which enables sourcing teams to efficiently identify savings opportunities, track and report on realized savings, and run RFX events in one enterprise-grade platform for a complete source-to-pay experience. With this new solution, over 85 percent of vendors can now complete tasks in Zip’s vendor portal without any administrative assistance. Zip formally announced the new sourcing capabilities today at Zip Forward, the company’s inaugural annual user conference, which will include keynote presentations by executives from Discover Financial, Northwestern Mutual, OpenAI and Snowflake.
Zip Sourcing drives user adoption by creating a single front door for all sourcing and vendor requests — from tactical procurement to complex strategic sourcing — allowing teams to get involved early on in the purchasing process. Zip’s sourcing capabilities ensure complete stakeholder visibility from RFX to contract signing in a single platform. The solution also integrates new generative AI capabilities from Zip that significantly reduce the time it takes to create an RFP, from scratch or from templates, so users can source and save more without having to depend on spreadsheets, emails and manual follow-ups to complete a sourcing event.
The new sourcing solution requires zero training and users can instantly run RFPs on any existing Zip request. Complementary to Zip’s Intake-to-Procure solution, Zip Sourcing introduces the ability for employees to engage with procurement before a vendor has been identified, providing an end-to-end source-to-pay experience.
Key capabilities include:
- Autonomous sourcing: Zip's generative AI automation and best-in-class templates gets users started in minutes. Zip AI automatically imports RFX content from spreadsheets or docs, suggests potential questions based on the category and recommends similar vendors to include.
- All-in-one platform from source to contract: Users can start an RFX event from any existing Zip request or from initial intake. Once winners have been chosen, awards seamlessly flow into Zip requests and contracts for efficient source-to-contract processes without having to start over again.
- Collaboration with best-in-class compliance: Zip’s messaging center allows users to communicate with vendors, loop in internal stakeholders, broadcast responses to questions and maintain visibility through the process, removing the need for emails.
- The simplest scoring experience: Customers can define the group of stakeholders for an event and let Zip do the rest by automatically looping the right stakeholders in at the right time, sending reminders, presenting vendor answers side-by-side and collecting their scores with one click.
- Savings center and insights: Zip’s dashboard offers quick access to total spend in the pipeline and cycle time insights to identify bottlenecks. Users can track negotiations and record savings generated — the savings center enables them to set savings goals, track progress against goals and slice data to show how much impact the team is driving.
“Zip Sourcing is built with the same customer-centric approach that the Zip platform is best known for. Similar to our focus on improving the intake management process, we recognize that the process for sourcing is broken. Sourcing tools often add confusion and complexity. This is why Zip Sourcing has been thoughtfully designed to drive employee adoption, enabling our customers to more effectively identify the best vendors — in terms of pricing and business value — that also fit their business needs. Zip’s highly intuitive and collaborative platform helps organizations of all sizes streamline the B2B purchasing process from sourcing to initial intake and, finally, payments,” said Rujul Zaparde, CEO and co-founder of Zip. “We’re excited to unveil these capabilities at Zip Forward so that Zip customers from startups to the Fortune 500 can start leveraging our sourcing capabilities to find cost-effective opportunities, track generated savings and compare their progress to savings goals.”
Zip is the world’s only intake-to-pay platform. Providing an intuitive starting point for any employee to initiate a purchase or vendor request, Zip helps businesses gain clear and timely visibility across all business spend by dramatically improving the employee experience. The platform’s no-code configuration and intelligent workflows integrate disparate systems, enabling businesses to automatically route requests for faster approval across finance, legal, procurement, IT, security and other teams. Zip consolidates all the steps and tools used across finance and procurement processes in one platform. Leading enterprises and high-growth startups like Northwestern Mutual, Snowflake, Canva, Airtable, Webflow, Databricks, along with more than 250 others, use Zip to streamline their intake-to-pay processes while delighting their business users.