These days, you hear everyone talking about Artificial Intelligence, or AI, and Machine Learning when it comes to managing data. But what do these terms really mean for your business? And how can AI and Machine Learning help you organize and optimize your procurement data?
Here, we go beyond the buzzwords to explain what AI and Machine Learning are, and what that can mean for your business.
AI vs. Machine Learning: What’s the difference?
AI defines machines being programmed to do “smart” tasks, many of which were previously done by humans. With AI, you can program something to process and deliver results on a consistent, reliable basis.
Machine Learning takes AI further, because the AI has now advanced to the point that it is able to “learn” or pick up new tasks without being programmed or “told” what to do by humans. These machines are able to learn how to crunch new data, pick up facial recognition, natural language processing, pattern recognition, and predictive analytics, and pair it with other data.
In short, Machine Learning is the power to continue to learn how to improve and make better, more accurate decisions faster.
Related: Learn more about AI and Machine Learning in ‘Leveraging AI in Procurement’
How is Suplari using AI and Machine Learning?
Suplari Intelligence uses AI to constantly normalize and analyze data from your business’ existing financial and procurement systems.
To do this, we simply apply Suplari Intelligence on top of your existing system(s), no lengthy process or installation is needed. Your team can be up and running in the tool within weeks.
Suplari Intelligence then monitors and analyzes up to millions of transactions within your ERP, T&E, and corporate card data–all in one easy-to-interpret dashboard. It’s simple and fast to implement for anyone on your team, and you’ll begin to see the benefits right away.
As Suplari begins monitoring, cleansing, and sorting your data during the first few weeks, machine learning is constantly looking for ways to flag overspending and waste, increase profit, mitigate risk, and ensure compliance–all in real time.
Suplari Intelligence then continues to “learn” how to identify new opportunities for savings and increased efficiencies by collecting feedback and incorporating it back into the machine learning loop. This process repeats over and over, until the tool gets better, faster, and more accurate at optimizing insights to drive the best business outcomes.
How has Suplari’s Intelligence evolved since your product launched a short time ago?
Since launching in 2016, we’ve leveraged our AI to look at other data sets and quickly surface cost savings, profit insights, and other efficiency opportunities. Our data sets include internal data sets within the enterprise such as spend, contract data, and purchasing data. We also now cover external third-party public data sets, such as crunchbase, to further enrich your supplier data with news, fiscal year end alerts, etc.
Where is Suplari Intelligence headed using Machine Learning?
At Suplari, our products are constantly learning and evolving at a lightning-fast pace. We can now surface opportunities for unique data sets depending on the organization and vertical.
In the near future, we hope to see new insights, specifically custom insights with our new Suplari Insights Generator. Customers will be able to create custom insights specific to their business needs and goals. It’s a tailor-made tool that will only enhance the real-time learnings of the Suplari Intelligence platform.
Exciting things are still to come in Machine Learning for 2019. Suplari is getting ready to add new data sets to our growing library of insights and along with new features.
Perhaps the most beneficial part of AI and machine learning? Using Suplari Intelligence to crunch your data frees your organization’s people up to focus on strategy, making valuable connections, and growing your business.
How much can your business save with Suplari Intelligence? Request a demo and find out.