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 also improve profit margins and returns on invested capital. But running an effective strategic sourcing program is more complex than collecting multiple bids. At a minimum, managers must properly document and communicate requirements as part of a collaborative—and sometimes competitive—acquisition process.
This one-minute demo shows how GenAI can simplify and speed up the creation of a supplier negotiation document in Oracle Fusion Cloud Procurement. It features a strategic sourcing manager working on a Request for Quote (RFQ). With just a few clicks, they can automatically generate clear, accurate abstracts. This reduces manual effort, boosts efficiency, and improves communication with suppliers.
How it works
When creating an RFQ, sourcing managers click the AI Assist button, prompting the embedded GenAI to use details like line items, deadlines, and contact information from the RFQ to create an abstract. After reviewing it, the sourcing manager can click Regenerate to create alternate versions if needed. The manager’s final step is to review and edit the abstract to ensure that it’s accurate and meets business goals.
Why it matters
This demo highlights capabilities in Oracle Fusion Cloud Procurement that can help your sourcing teams boost efficiency and better manage spend. By providing clear and concise requirement summaries, GenAI can help increase the accuracy of solicitation documents to decrease the risk of errors and omissions. These capabilities also improve communication with suppliers, making it easier for them to participate and deliver relevant proposals. Use this demo to start a conversation about GenAI-enabled strategic sourcing at your organization.
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