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Zycus develops Generative AI powered source to pay platform in collaboration with Microsoft
April 2024: Zycus, a global leader in cognitive procurement technology solutions, set another new milestone by announcing integration with Microsoft Azure OpenAI Service. This integration is a step towards an ongoing effort to build the world’s first generative AI powered S2P platform. This continuous engagement will harness the power of advanced AI to transform end to end source to pay processes, offering unprecedented efficiency, accuracy, and ease of use.
Zycus has already incorporated various Generative AI capabilities in the existing S2P Suite under the Merlin Assist offering. It is available both through an App published on Microsoft Teams and via Zycus web app.
“We are thrilled to partner with Microsoft. Many of our clients, global enterprises from across the world, have deployed Merlin Assist as part of our early access program and share very encouraging feedback on the user experience, ease of use and value. We are certain that how sourcing & procurement is being done will be fundamentally transformed in the months to come”
– Aatish Dedhia, Founder & CEO of Zycus
“AI will transform the way individuals, teams and organizations work. Zycus has integrated Azure OpenAI to infuse AI into its S2P Platform. The quantitative impact is very encouraging. From personalized experiences to streamlined workflows, AI will start becoming the cornerstone of Zycus’s customer success.”
– Samik Roy, Executive Director, Corporate Medium and Small Businesses, Microsoft India
Some top use cases of Generative AI are enhancing the complete S2P process:
- Efficiency and Time-Saving Innovations:
Harnessing the power of Azure OpenAI Service, Zycus can enhance the end-to-end procurement lifecycle, starting from swift recommendations of alternate suppliers in the iAnalyze module to simplifying contract management with abstract language contract processing. Zycus has also built autoscore RFP (Request For Proposals) capability that accelerates proposal evaluations. These innovations reduce manual efforts, saving valuable time and minimizing errors. - Enhanced Source Aggregation and Risk Assessment:
The integration empowers Zycus users with powerful source aggregation and tracking, combined with robust risk assessment. Azure OpenAI Service’s advanced algorithms process up to 20,000 articles daily, delivering a fourfold boost in article processing throughput. iRisk generates compliance-related questionnaires, easing the assessment process. Merlin Risk Radar offers strategic suggestions for mitigating identified risks. This approach streamlines compliance processes and delivers actionable strategies for enhanced predictive risk management. - Democratized Procurement via Microsoft Teams:
To democratize procurement and boost adoption, Zycus has seamlessly integrated its platform with Microsoft Teams. Leveraging Generative AI powered conversation chatbots, this integration makes procurement accessible to everyone within an organization. From extracting contract line items to comprehensive supplier response summaries and RFQ (Request For Quotation) questionnaire generation, all the features are built to continuously enhance user experience and get maximum ROI from the platform. - Precision-Driven AI Models for Informed Decisions:
The integration ensures more accurate, data-driven insights on alternative items, PR/PO summaries, and price trends, facilitating smarter purchasing choices procurement decisions, minimizing risks and optimizing outcomes.
“By combining the strengths of Azure Open AI with Zycus’ native source to pay platform, we are setting a new standard in the industry. Our clients can now experience enhanced efficiency, risk management, and user engagement, driving procurement transformation at scale.”
– Aatish Dedhia, Founder & CEO of Zycus
About Zycus: Zycus is a leading global provider of end-to-end Source to Pay solutions, pioneering in the space of cognitive procurement, powered by its advanced Merlin AI Suite. With a strong emphasis on transforming the procurement landscape, Zycus leverages Generative AI to offer innovative, AI-driven capabilities that streamline procurement processes, enhance decision-making, and foster strategic sourcing and supplier management.
Start your #Gen-AIPoweredSourcetoPay journey with us, as you are #MeantforMore.
To see the Microsoft and Zycus integrated platform in action, join us on April 9, 1 PM – 2:30 PM ET.
Sonal Sharma
Lead Manager – Marketing,
Zycus inc.
sonal.sharma@zycus.com