Zip Unveils Powerful AI Enhancements to Transform Business Purchasing — Helping Companies Save Time and Money, While Also Giving Them Better Control Over Spending
26 Junio 2024 - 10:05AM
Business Wire
Customers Like OpenAI, Snowflake, and Sephora
Have Saved Over $1.5 Billion on Zip in the Past Year Alone
Zip, the leading AI-powered spend orchestration platform, today
unveiled a powerful suite of new and enhanced AI capabilities that
enable companies to gain control of their spending by streamlining
procurement. Hundreds of industry leaders including Sephora,
Discover, and Reddit — not to mention leading AI companies like
OpenAI — use Zip to increase operational efficiency, generate hard
savings, and reduce risk. Zip’s latest innovations build on these
capabilities with a slew of new capabilities, including: “Zip AI
assistant,” a generative AI procurement assistant; “AI document
extraction,” which extracts and stores critical data from
contracts; and “AI intake automation,” which uses AI to pre-fill
purchase requests.
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Procurement, which involves the acquisition of goods and
services necessary for operations, is a critical function of
today's businesses. Each year, companies spend trillions of dollars
on everything from office supplies and software subscriptions to
professional services, infrastructure, and data center storage.
However, the purchasing process is slow, complex, and riddled with
inefficiencies, involving countless steps, extensive paperwork, and
numerous approvals and security reviews. Zip's AI-powered platform
streamlines the entire procurement lifecycle, from initial request
to final payment, thereby saving businesses valuable time and
money, while enhancing spend visibility, risk management, and
compliance.
“Zip has become an indispensable tool for OpenAI’s procurement
process,” said Hugh Drinkwater, OpenAI’s Head of Procurement. “We
are thrilled Zip has integrated OpenAI’s technology to power their
Zip AI suite to help us further reduce time spent on manual tasks,
create a better buying experience and improve the productivity of
our teams across the organization.”
With Zip’s suite of AI solutions, companies can eliminate
thousands of employee hours and dramatically reduce the need for
procurement, legal, security, finance, and IT teams to spend time
on error-prone data entry and time-consuming vendor contract
reviews. For example, Miro uses Zip AI to save time with the legal
contract review process; Coinbase uses it to streamline millions of
dollars of invoices per year; UCI Health is implementing it to
rapidly scale contract conversions during a merger, ensuring
inclusion of key stakeholders and continuity of patient care --
allowing doctors and nurses to focus on providing life-saving
medical treatment without administrative delays, or disruptions to
services required.
The latest AI features bring even more advanced and impactful
capabilities to Zip:
- AI assistant: Zip’s AI assistant guides employees
through the purchasing process to reduce the time and effort
required to navigate complex company spending policies. For
example, if an employee wants to buy an Airtable software
subscription for their team, they can send a message to Zip’s AI
assistant as if messaging a coworker, and Zip AI will automatically
start the purchase request, guiding them through what is needed to
complete the request.
- AI document extraction: AI document extraction parses
data from order forms, contracts and other documents to create a
comprehensive, single source of truth. With AI document extraction,
documents such as MSAs, DPAs, NDAs, SOWs, Amendments, and more can
be scanned in seconds. This puts valuable information to work, so
it can be used to automate tasks.
- AI intake automation: AI intake automation pre-fills
purchase requests with data from order forms, eliminating manual
data entry and saving time. Employees simply need to upload the
order form they receive from their vendor to have key purchase and
supplier information — such as price, item quantity, and billing
frequency – automatically included in their purchase request,
saving them valuable time and reducing the likelihood of
errors.
Today, Zip powers global payments in over 140 countries and has
helped customers save almost $4.4 billion in the less than four
years since the platform launched. In May 2023, Zip secured $100
million in Series C funding led by Y Combinator, with participation
from CRV and Tiger Global, valuing the company at $1.5 billion. In
a recent IDC study, organizations reported saving, on average, a
staggering $14 million per year by using Zip.
“The problem with business purchasing today is that much of the
process is still cumbersome and time consuming,” said co-founder
and CTO Lu Cheng. “Zip’s generative AI capabilities change that,
transforming this process by guiding employees through purchasing
decisions, automating tedious tasks, and reducing the complexity of
navigating company policies. This is a concrete use of generative
AI that makes work faster, easier, and more efficient so that every
team that touches the procurement lifecycle can focus on the real,
strategic work that will move the needle.”
About Zip
Zip’s Spend Orchestration Platform empowers businesses to
accelerate the procurement process, mitigate risk, and drive growth
by offering a single front door to unify the teams, tasks, and
tools involved in working with suppliers. With Zip, businesses can
maximize employee adoption of purchasing policies and increase
spend visibility and control. As the leading solution for
optimizing business spend, Zip's AI-powered platform is trusted by
top enterprises worldwide, including Discover, Lyft, Snowflake, and
Canva, to maximize the ROI of every dollar. To learn more, visit
ziphq.com.
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