Scoutbee Launches Generative AI-Powered Features to Unlock Strategic Value from Global Supply Chains

New conversational AI capabilities enable companies to get immediate answers to specific and strategic supply base questions

Scoutbee, the leading AI-powered supplier intelligence and discovery platform, announced generative AI feature updates to the Scoutbee Intelligence Platform (SIP).

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“Where do I have single-source suppliers for a product?”

The new features enable companies to analyze and get deep insights into their existing supply base. Using the Scoutbee conversational AI, users can ask smart and strategic questions, such as “Where do I have single-source suppliers for a product?” or “Is there an alternative supplier for this product?” to uncover and address vulnerabilities in their base. A company that is striving to give its top-performing suppliers more business could, for example, ask “What capabilities do my preferred suppliers offer that I am not utilizing?” and get immediate answers.

“The faster teams get deep supply base insights, the faster they can advance strategic priorities. The major roadblock today is that companies’ data sources are highly disparate, hard to access, and often require the assistance of data scientists to make the data actionable. Our chat features are built on top of Scoutbee’s data foundation, which centralizes and organizes companies’ supplier information in a meaningful way. Procurement teams using the chat feature get the exact information they need, in the moment, to make confident decisions and can simultaneously maximize their existing data investments,” said Gregor Stühler, Scoutbee’s CEO.

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SIP delivers an accurate picture of an organization’s supply base and where there’s room for improvement. The platform draws from practically any data point and source relevant to organizations’ decision making, including customers’ data, third-party data, supplier websites and portals, Scoutbee data, and more. SIP uses web crawlers to scour the internet to extract any additional relevant data using machine learning (ML) models, then classifies, organizes, and enriches the data before connecting it to a knowledge graph that uncovers the relationships between entities. Predictive and prescriptive analytics run on the knowledge graph to help procurement draw the right actionable conclusions.

“Generative AI has the potential to revolutionize procurement’s value contribution to business success,” said Karin Hagen-Gierer, a member of Scoutbee’s Strategic Advisory Board. “The procurement teams that start incorporating generative AI will be better positioned to navigate changing market conditions and disruptions, identify alternative sourcing strategies, optimize operations, make impactful decisions and ultimately gain a competitive advantage. The sooner teams push forward with the technology and experiment, the sooner they’ll unleash additional benefits.”

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