Automate Tail Spend & "3 Bids and a Buy" With GPT
Procurement teams are in desperate need of a better and more efficient way to intake, triage, and coordinate responses to unstructured inbound requests.
An excellent example of a process procurement teams need help with is tail spend.
Most organizations have strict processes in place to govern and facilitate tail-spend buying experiences. The problem is, often these processes require employees to perform a lot of manual work. To abide by tail-spend buying processes, for example, employees often have to:
- Describe in detail the product or service they want to buy
- Source alternatives
- Prove the price is competitive
- Create an RFX request for vendor-information
- Send these requests out to competing vendors to give them a chance to beat the price. (This is where "3 Bids and a Buy" comes from.)
This is inefficient and unenjoyable for employees—driving them to circumvent the process entirely—as it proves unreliable and risky for procurement teams.
The power of process experience software and GPT
Tonkean's process experience and no-code automation software, coupled with the language learning power of GPT, allows procurement teams to fundamentally transform their guided-buying experiences and tail-spend processes. For example, procurement teams can use Tonkean to fully automate all tail-spend processing (“3 Bids and a Buy”). Here's how.
- Whereas before, requesters would need to spend hours detailing the particulars and utility of their purchase, as well as manually gathering and keeping track of information related to competitors and alternatives, with Tonkean ProcurementGPT, requesters can complete their end of the bargain—providing procurement teams everything they need to complete and even track the status of the request—in seconds.
- Using a simple form, requesters need only provide Tonkean a few details about the purchase: the vendor's name, website URL, and the price of the product or service.
- Tonkean extracts all the information procurement teams need on its own behind the scenes. Then it employs GPT to summarize and package that information.
Here's what Tonkean does next:
- Automatically identifies appropriate purchase categories
- Extracts and summarizes the benefits and capabilities of competing vendors
- Auto-generating RFI/RFPs
- Suggests alternatives—including tools your organization might already be using—by gathering competitive information from all over the web as well as by comparing it with existing vendors. This is to prevent your organization from making superfluous purchases
Tonkean Procurement GPT works, in other words, not only to save time for procurement teams and for employees, but to actively reduce spend.
With Tonkean AI, you can make your operations more intelligent end-to-end.
- By incorporating generative AI into your process experience strategy, you can also more rapidly triage and prioritize every kind of inbound request.
- You can enforce—systematically and across your organization—critical internal policies.
- And you can surface ideas for process experience improvement that would have otherwise been missed by the human eye.
Benefits extend far beyond efficiency or performance. With Tonkean, you can wrap GPT-3 around every single process you run. You can trigger flows based on entity values or changes, and incorporate data from these entities into your workflow. Automate actions such as creating or updating any entity as well as any of the listed actions. Oh, and anyone can use Tonkean's OpenAI GPT-3 integration to accomplish these things because Tonkean's interface is 100% no-code.