A.I. Use Cases Build Trust and Momentum
The introduction of ChatGPT build the momentum and realization that A.I. will stay and can create a competitive advantage. Being procurement practitioners ourselves, we want to inspire others on A.I. uses cases that can make a short term impact powered by our own developed technology.
Recognition
Mithra-Ai is recently recognised by Spend Matters as Future5, one of their five global innovative procurement startups.
AI use case | Finding cost savings
With revenues and budgets under pressure, the obvious use case to apply A.I. is to identify new cost-saving opportunities. If you want to convince stakeholders about A.I. this is the most concrete value contributor.
With the latest data harmonization and normalization capabilities, computers can do the heavy data crunching and by analyzing & seeing more addressable spend, more hidden opportunities will be identified across different data sources.
CPO quote when seeing the demo: ”We would be mad not to use this tool”.
AI use case | Validate sustainability reporting
ESG reporting on material group level does not always make sense, like packaging for instance. Without a granular procurement taxonomy on material level, the ESG reporting per supplier, region, industry does not make a lot of sense.
Mithra A.I. Taxonomy Mapper is perfectly fit to auto-classify and map ESG data to a more granular procurement taxonomy making you compliant for any audit while saving a lot of time.
AI use case | Save time with autogenerated Business Cases
Securing supply, savings costs and monitor compliancy are only few things procurement needs to do. A time consuming manual process that can be replaced by A.I. is the generation of Business Cases including validated opportunities and associated suppliers, risks and contract insights.
Convincing stakeholders to execute on category strategies requires data and a storyline backed up with a solid business case, to be shared with a simple click.
AI use case | Validating Data Completeness
With every digital transformation comes data quality improvement. Data cleansing, harmonization and enrichment can be done in different ways. The challenge is not only to increase your data quality but more important to keep it clean and accurate. Too often we hear the frustrations when the new SAP data refresh gets imported in your P2P or spend cube. Using Mithra-Ai you can now validate the quality and completeness of the recent upload making sure the spend is correct and all suppliers are included.
AI use case | Extracting contract insights for negotiations
Using NLP, contracts can now be mined for valuable data. Mithra-Ai enables you to cross-check spend transactions with key metrics of your contracts like payment terms, contract renewal or expiration dates.
Benchmarking contract intelligence with market indexes shows the gap between a fluctuation of your commodity price and spend volume creating an opportunity to negotiate better prices and contract terms.
AI use case | Spend Classification Engine
The Mithra-Ai engine uses AI techniques, such as machine learning and natural language processing, to automatically classify procurement spend into sub-categories. By automating this process, the engine reduces manual data entry errors and increases the accuracy and consistency of spend data classification. Our AI-powered spend classification engine transforms raw spend data into actionable intelligence leading to direct cost savings but also enhances overall business agility and competitiveness.
Frequently Asked Questions
Mithra-Ai can connect with any data lake or internal system using standard techniques like API’s and we can also just upload spreadsheets in our secure cloud and share instant outcomes. We offer a hybrid solution with a focus on fast time-to-value and low IT effort. .
The day of activation, you can already upload your spend spreadsheet in our secure cloud platform and minutes later you will have your first opportunity insights to start working on. With Mithra-Ai you will have fast time-to-value and instant ROI.
The accuracy and completeness depends also on your base case situation and to which level (L1…L7). We experience accuracy above 96% on datasets with millions of lines. Happy to explore how accurate our AI engine can be in your situation.
Decisions should not be made on incomplete or missing data. MIthra uses artificial intelligence to not only harmonize and enirch your data (e.g find parent-child relationships) but also to accurately classify your spend data in the right sub-categories with the goal to give category owners a complete correct view of their category. Exceptionally, when the confidence level of the AI-engine is not high enough, it recommends options to the subject matter expert to make the choice. This is what we call human in the loop, and how we achieve very high confidence levels
Our technology allows us to execute POCs in days/weeks depending on the scope definition. Typical implementation times of traditional tools take months so it might be worthwhile to experience a new, cheaper, faster and more effective way to get spend visibility and insights.
We strongly believe in the concept of crawl, walk and run. Taking small steps with strong value delivery points will help you to convince stakeholders of doing a proof of value. Learning from our best practices we are here to guide you towards the right use case that brings the most value on short term. You can just book a free consult with us. We will explain our engagement path and sync it with your goal, budget and ambition.
Some of our customers we are very proud off...
