Procurement Optimization and Cost Savings
Business Problem:
The procurement team faces challenges due to varying documentation and specifications for the same or similar parts from hundreds of vendors. Identifying cost-saving opportunities through part substitutions is a complex task.
Business Solution:
Diwo Catalyst ingests all component specification documentation and manuals in PDF format to provide AI-assisted recommendations for substitutable components, adhering to guidelines. The platform offers key recommendations on potential savings by suggesting component substitutions based on purchasing history, standard PLM parts, cost of parts, and forecasted demand. This AI Enterprise Ready solution ensures secure, scalable operations, leveraging structured and unstructured data sources. The Semantic Knowledge Graph captures nuanced meanings, providing accurate insights, while the system continuously learns to deliver actionable recommendations and optimize procurement processes.
