Seamless, AI-powered procurement simplifies the user experience and delivers increased compliance and risk management for businesses
SAN FRANCISCO–(BUSINESS WIRE)–ORO Labs, creator of an enterprise-grade intake management and procurement orchestration platform, today announced the general availability of platform enhancements that leverage the latest advancements in Generative AI (GenAI) technology. These new capabilities are focused on creating effortless procurement intake experiences for business users while ensuring the security and flexibility that global enterprises require.
“Enterprise solutions should be as simple and personalized as the consumer applications we use every day. At ORO Labs, humanizing the procurement process is at the heart of everything we do, and it drives every enhancement we make to our platform,” said Sudhir Bhojwani, CEO and co-founder at ORO Labs. “Our new GenAI-powered features are helping us deliver an even smoother, more satisfying experience for business users from the very first intake process, while simultaneously enforcing even the most complex policies and needs of any organization.”
ORO’s new AI-powered features include intent detection, category recommendations, buying channel guidance, supplier recommendations, smart PO/PR creation, and intelligent proposal reviews. Together, they work in harmony to guide users through the end-to-end procurement process without the need for prior knowledge of internal company policies or procedures, training, or documentation. These features were successfully piloted with several global enterprises in high-compliance industries and are now available to all new and existing customers.
Key highlights of these GenAI-powered features include:
- Intent Detection: When a user submits a request in natural language, ORO can determine a user’s intent and provide the most appropriate response, such as initiating the most relevant workflow, providing a status update, or answering a question.
- Category Recommendations: Business users are often asked to categorize their requests according to an organization’s complex category tree. Selecting the right category is important for budgeting and ensuring the correct policies are enforced, but this manual selection process often results in errors, unnecessary rework, and risk. ORO can automatically map a natural language requisition to the correct category, eliminating this issue.
- Buying Channel Guidance: ORO considers intent and category alongside things like role, region, and company policies to determine the best and most efficient buying channel for a particular request. The result is a vastly improved and dynamic user experience, faster processing, and less manual effort.
- Supplier Recommendation: ORO looks at a company’s preferred supplier list, past transactions, and performance data to suggest the best supplier(s) for a given use case. By doing this, ORO simplifies the selection process, minimizes the need to onboard and maintain new suppliers, and speeds up the requisition-to-pay process.
- Smart PO/PR Creation: ORO can create purchase requisitions and purchase orders by extracting key information from contracts and proposals. The result is a single or multi-line PR/PO that complies with business rules (i.e. Capex, Opex, Time-based).
- Smart Proposal Reviews: ORO extracts data from vendor proposals and checks to ensure consistency with a buyer’s intent, buying channel, and category.
While delivering business experiences that rival the simplicity people have come to expect in their day-to-day lives as consumers, ORO also offers a robust AI architecture built for the enterprise. ORO features multiple use-case-specific LLMs. It also makes it easy for companies to use their own preferred models, or to add new models to augment ORO’s native chatbot experience.
ORO is paving the way in responsible AI innovation and recently became the first in the world to earn an accredited ISO 42001 certification for AI Systems Management (AIMS). ORO was also recently recognized as a leader in the inaugural IDC MarketScape: Worldwide SaaS and Cloud-Enabled Spend Orchestration 2024 Vendor Assessment and as one of Spend Matters 2024 50 Providers to Watch.
ORO’s platform helps customers coordinate people, processes, and systems in a way that streamlines the end-to-end procurement process and balances business needs with user expectations for seamless workflows and interactions. The company will be providing a preview, along with demonstrations of the full ORO Labs’ procurement orchestration platform, at DPW Amsterdam, October 8-10, 2024. Please read our blog post for more information.
About ORO Labs
ORO Labs’ mission is to make procurement simple, efficient, and human. The company’s automation platform tames and orchestrates chaotic and siloed business-critical enterprise spend by making it easy for employees to engage with procurement to start, manage and build supplier relationships. To learn how ORO is helping fast-growing global organizations quickly respond to business needs and market conditions, and why the company was recognized as an IDC Innovator for Procurement and Supply Chain, visit www.orolabs.ai.
Contacts
Corporate Ink for ORO Labs
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