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In theory, strategic sourcing can help your organization get the best combination of cost, quality, risk, and innovation from suppliers. As part of a broader supply management strategy, it can significantly improve profit margins and returns on invested capital. But in practice, running an effective strategic sourcing program requires more. At a minimum, strategic sourcing managers must properly document and communicate requirements as part of a collaborative—and sometimes competitive— acquisition process. This demo shows how Oracle Fusion Cloud Procurement helps simplify and speed up the creation of a negotiation abstract using generative AI. With just a few clicks, strategic sourcing managers can automatically generate clear, accurate abstracts. This reduces manual effort, boosts efficiency, and improves communication with suppliers. When creating an RFQ, sourcing managers click the AI Assist button, prompting the embedded generative AI to use details from the RFQ–including line items, deadlines, and contact information–to create an abstract. After reviewing the proposed abstract, the sourcing manager can click Regenerate to see alternate versions if needed. The final step is to review and edit the abstract to ensure it’s accurate and conforms to preferences and business goals. These capabilities can help your sourcing teams boost efficiency and bring more spend under management. Embedded AI can also help improve the accuracy of solicitation documents to decrease the risk of errors and omissions. By providing a clear and concise summary of requirements, these Oracle Cloud Procurement features help improve communication with suppliers, which makes it easier for suppliers to participate and provide proposals that are a better match for organization’s needs.
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