In the modern business world, procurement has become an essential function for organizations looking to optimize their operations and increase efficiency. Artificial Intelligence (AI) tools like ChatGPT, a state-of-the-art language model developed by OpenAI, can play a significant role in revolutionizing procurement processes. In this blog post, we will explore three ways ChatGPT can be utilised in procurement: vendor selection, RfI creation, and contract management. Link to chatGPT: chat.openai.com
1) Vendor Selection
Using ChatGPT, procurement professionals can quickly gather valuable information about potential suppliers. For example, you can request a list suppliers that could be invited to your tender. Here's a structured prompt to help you with this:
🤖 Example prompt:
"List the 10 largest suppliers including a brief business description for each Subject: carton boxes for food packaging location: Europe"
🚫 Attention: ChatGPT will not be able to give you contact details (e.g. email) of these suppliers.
2) RfI Creation
Creating an effective Request for Information (RfI) can be a time-consuming task. ChatGPT can help streamline this process by generating a comprehensive RfI with a mix of closed and open questions.
🤖 Example prompt:
"Generate an RfI including 20 closed questions with multiple-choice answers and 5 open questions"
💻 Tip: The automatic creation of RfI's is a feature integrated in Valcori, a tender management platform.
Check out how the AI builder works or sign-up for a free trial to test it out directly.
3) Contract Management:
Drafting contracts can be a complex process, and AI tools like ChatGPT can help simplify and accelerate the creation of specific clauses. For example, you might want to write a transport liability clause that places all liability on the supplier. Here's a prompt that can help:
🤖 Example prompt:
"Write a transport liability clause for a contract that places all liability on the supplier. Split it in paragraphs"
💻 Tip:
Be specific about which clause you want and what should be covered in this clause. The more precise the prompt, the better the output!
Valcori is an online platform designed to assist procurement organisations with limited resources. It allows you to quickly set-up tenders and invite suppliers without the need for complex procedures and tooling.