DeepStream has launched a Supplier Discovery AI Tool to speed up and simplify the supplier discovery process. The tool, powered by DeepAI, allows companies to search for suppliers based on specific criteria including location, product and service specifications and “suppliers similar to.” It then returns a list of new suppliers to explore and shortlist within minutes that matches the scope of work.
From this point, procurement teams can invite potential vendors to bid on a request. The tool is designed to help companies reduce the amount of risk introduced into the supply chain during the vendor selection process.
Formally defined, supplier selection is the process of discovering, researching, evaluating, and ultimately contracting with third-party suppliers of goods and services.
DeepAI is continually learning, so it can produce accurate results that are aligned to the latest market insights.