Zycus, a leading global developer of cognitive sourcing technology-based solutions, has reached another milestone by announcing integration with Microsoft Azure OpenAI Service, a phase of our ongoing commitment to building the world’s first generative AI-based S2P platform . It will be possible to harness the power of advanced AI to transform processes from sourcing to payment at all stages to deliver unprecedented efficiency, compliance and ease of use in procurement.
Zycus has already incorporated various generative AI capabilities into the current S2P suite by offering Merlin Assist , available both via an app on Microsoft Teams and via the app on the Zycus website.
“We look forward to the opportunity to collaborate with Microsoft. Many of our customers, international companies around the world, have implemented Merlin Assist as part of our early access program and have offered very encouraging feedback on ease of use, compliance and productivity. We are confident that sourcing and procurement will be fundamentally transformed in the coming months,” says Aatish Dedhia, Founder and CEO Zycus.
Samik Roy, Executive Director Small and Medium Business at Microsoft India explains, “AI will transform the way individuals, teams and businesses operate. Zycus has integrated Azure OpenAI to use AI in its S2P platform. The quantitative impact is very encouraging. From personalized experiences to optimized workflows, AI will begin to become the cornerstone of Zycus customer success.”
Some of the key use cases of generative AI that show how this technology is improving the complete S2P process:
1. Innovations that result in superior efficiency and time savings
By leveraging the power of Azure OpenAI Service, Zycus can improve the complete procurement lifecycle, starting from quick alternative supplier recommendations to simplifying contract management by processing abstractly drafted contracts. Additionally, Zycus has created an RFP (Request For Proposal) feature that automatically scores requests for proposals to speed up their evaluation. These innovations reduce manual tasks, saving valuable time and minimizing errors.
2. Improved risk assessment and source aggregation
Zycus users have access to powerful source aggregation and tracking capabilities, combined with robust risk assessment functions. The advanced Azure OpenAI Service algorithms process thousands of items daily offering quadruple productivity in this regard. iRisk generates compliance-related questionnaires, facilitating the assessment process while offering strategic suggestions to mitigate identified risks. This approach streamlines compliance processes and provides decision-making strategies for better predictive risk management.
3. Democratized procurement via Microsoft Teams
Zycus has integrated its platform with Microsoft Teams to improve adoption and make procurement accessible to everyone. From policy compliance to extraction of specific contract elements, to comprehensive summaries of supplier responses and generation of Request For Quotation (RFQ) questionnaires, all features are designed to continuously improve the experience of use and obtain maximum ROI from the platform.
4. Accurate AI models for data-driven decisions
The integration ensures more accurate, evidence-based information on alternative items, purchase request/order (PR/PO) summaries, and pricing trends, facilitating sourcing decisions based on smarter purchasing decisions by reducing minimizing risks and optimizing results.
“By combining the strengths of Azure OpenAI with the native source-to-pay platform Zycus, we are setting a new standard in the industry. Our customers can now experience superior efficiency, risk management and user engagement, driving procurement transformation at the scale needed,” concludes Aatish Dedhia.
SOURCE: BusinessWire