PALO ALTO, March 15, 2023 — Tonkean, the first-of-its-kind process experience platform, today announced the launch of ProcurementWorks, a product suite that puts the power of no-code automation and generative AI directly in the hands of procurement teams. With ProcurementWorks, procurement teams finally have what they need to create guided internal buying experiences that reduce risk, increase efficiency, and create net-new business value. That’s because ProcurementWorks enables procurement teams to create internal processes that people actually follow.
Internal process adoption in procurement is currently very low. By some estimates, a full 50-80% of invoices stem from rogue spend. This is because traditional procurement processes tend to be complex, fragmented, and actively challenging to follow. But low process adoption translates directly into inefficiency, increased risk, reduced transparency, and slower time-to-value. The only way to solve for that is to create internal process experiences that are both easy to follow and that provide real value to requesters. Compliance and efficiency depend on high process adoption. And high adoption hinges on great internal process experience.
ProcurementWorks enables procurement teams to provide precisely that by equipping them with capabilities they have not historically enjoyed access to. These include:
- A wrapper for all your existing tools, allowing frictionless intake and full visibility. ProcurementWorks wraps around every piece of technology your organization might use, meaning procurement teams can create processes that allow requesters to do things like submit purchase orders from the systems they typically work in, such as Slack, Teams, and Outlook—all while providing every stakeholder full visibility into the status of the request as it’s resolved.
- GPT for automatic intelligent request categorization. ProcurementWorks includes ProcurementGPT, an integration with OpenAI that allows procurement teams to create processes that automatically triage and classify unstructured inbound business requests. Tonkean automatically identifies appropriate purchase categories, analyzes vendors’ websites, extracts their benefits, suggests alternatives, and even auto-generates RFx—allowing procurement teams to intelligently orchestrate tail-spend processing, strategic sourcing, and “3 Bids and a Buy.”
- No-code for customization and self-reliance. Using Tonkean’s 100% no-code builder, procurement teams can customize processes and buying experiences in accordance with the preferences and needs of all stakeholders—without relying on developers. They can automatically coordinate stakeholder approvals across systems and in accordance with department-specific policies. No code or change management required.
Ultimately, ProcurementWorks enables procurement teams to create powerful, personalized process experiences that both incentivize and facilitate process adoption, as well as increase efficiency, lower risk, and reduce cost—facilitating true digital transformation inside the procurement department.
“Tonkean is going to play a core role in our efforts to digitally transform our internal legacy processes,” says Mike Humphreys, Group Chief Technical Officer at Stagecoach, the UK’s largest bus operator. “We plan to use it to automate our legacy invoicing processes, and we anticipate it will create accelerated value in other areas, as well.”
“Improving process adoption is not a ‘nice to have’ for procurement teams—it’s a must,” says Sagi Eliyahu, CEO and co-founder of Tonkean. “Compliance, efficiency, cost saving and creating business value all depend on high process adoption. But, historically, employees have tended to unintentionally (and sometimes intentionally) circumvent the procurement process. Using AI and no-code automation, Tonkean’s ProcurementWorks changes that. Finally, procurement teams have what they need to build buying experiences that are personalized, intelligent, and optimized for the requester. ProcurementWorks wraps around existing policies and systems—eliminating the need for change management, and allowing procurement teams to intelligently automate the intake, triage, and resolution of every kind of request.”
To learn more about how you can leverage ProcurementWorks to improve buying experiences inside your organization, visit www.tonkean.com, or follow Tonkean on LinkedIn and Twitter.
Tonkean’s Process Experience Platform seamlessly wraps around existing policies and systems, allowing internal service teams to do more with what they already have. Build process experiences that are personalized for each requester, and use AI to automate the intake, triage, and resolution of every request. Maximize adoption, compliance, and efficiency with no change management and no code. Founded in 2015, Tonkean is headquartered in Palo Alto with R&D in Tel Aviv.
Read the official press release. And check out this in-depth primer about how to use ProcurementWorks to power up your procurement processes.