AI agents drive efficiency in procurement automation

Artificial intelligence is increasingly being utilized to automate procurement workflows, significantly reducing cycle times for businesses.

Pactum has launched its Intake Agent, an AI-powered tool designed to streamline the purchase request process. By allowing employees to submit requests in plain language via platforms like Microsoft Teams, Coupa, and SAP Ariba, the tool aims to reduce cycle times by 90 percent. The agent converts requests into correctly coded requisitions and verifies them against company policies, allowing procurement teams to focus on strategic decisions rather than manual form corrections.

Similarly, the AI-based procurement technology company Procol reported that its platform has helped manufacturing enterprises reduce procurement cycle times by up to 75 percent. Working with over 150 businesses across more than 10 countries, Procol uses AI agents to automate the source-to-pay cycle, including requests for quotations, supplier onboarding, and accounts payable. The platform integrates with existing enterprise systems like SAP and Oracle to provide real-time data synchronization and improve visibility into spending.