How AI is Solving the Biggest Challenge in Automotive Procurement
AI is revolutionizing the way we live and work, and the automotive industry is no exception. It is addressing indirect or 'tail spend' within the automotive industry, which accounts for up to 20% of a company's overall spend.
AI-powered tools can analyze data to identify areas where they can save money and streamline processes, identify the best suppliers, and improve supply chain management.
AI can also provide real-time analytics and insights to make data-driven decisions quickly, and enhance risk management by identifying potential supplier risks and helping companies implement proactive
measures to mitigate those risks. AI is revolutionizing the way automotive companies manage their tail spend, providing them with greater visibility, streamlined processes, efficiency, & improved risk management.
Automotive companies must embrace AI-powered tools if they want to remain competitive and maximize their profitability.
Simfoni's AI-driven spend analytics solution can help them streamline their tail spend management and achieve significant cost savings and process efficiency.