Terzo showed up to Make Data Dance at the Americas Procurement Congress. This premier event that showcased the future of procurement was held in March in beautiful Miami. This event gathered top leaders to discuss innovation, strategic partnerships, and advanced technology in the procurement space.
The event was presented by Procurement Leaders, the world’s most valued procurement network. This is a community for CPOs and their leadership teams to delve into strategy development and peer-to-peer benchmarking. They recognize that Procurement is in a unique position within an enterprise organization. Procurement teams are in a position to disrupt and innovate the organization through creative and transformative changes.
Our team had a fantastic time at this event, networking and making connections. At our purple booth (and wearing purple pants), we enjoyed showcasing how Terzo “Makes Data Dance” through powerful AI-driven insights into contracts, invoices, and other financial documents. Our solution helps empower procurement teams to drive smarter decision-making, improve efficiency, and drive cost optimization across their suppliers.
AI is changing procurement technology
AI is changing the game for procurement leaders. As leaders are under pressure to run procurement teams with smaller budgets and headcounts, AI solutions like contract and financial intelligence are filling the gap.
Historically, procurement technology has been limited. Systems like SAP Ariba and Coupa are great procurement technology solutions, but they can’t read PDFs and extract metadata. Without that ability, the precious data from contracts, invoices, and purchase orders remains buried. Until that information is extracted, it cannot be analyzed or actioned. With the huge volume of supplier documents that enterprise organizations have, manually extracting and processing that data is impossible.
AI solutions like Terzo are the future for procurement teams. Terzo is a financial intelligence platform that brings contract data and spend data together to help procurement officers gain access to the data they need every day. With that data, teams can accomplish more, and leaders can make data-backed decisions that drive results across their entire enterprise.
Fill the gap with less headcount
Procurement teams have gotten smaller and smaller for years. But even as resources are being cut and budgets are smaller, the volume of work remains the same. Procurement teams are tasked with extracting data from thousands of financial documents. If your team tries to do it manually, you risk burnout and understandable human errors.
AI-driven financial platforms like Terzo are the only way for small teams to meet demand without burnout and mistakes. Terzo gives teams the power of artificial intelligence through a unique Service-as-Software model. Terzo unlocks data in your financial documents and provides insights immediately, without manual review. It’s the best way to stay ahead when you need to reduce headcount.
AI is the future of procurement
Although procurement teams are up against many challenges, they have more resources than ever. Thanks to AI-powered document intelligence solutions like Terzo, teams have access to insights and analytics to make powerful data-backed decisions that will improve financial results every quarter.
To learn more about leveraging the power of AI to improve your procurement strategy, reach out to the team at Terzo for a free consultation.
