The Pharmaceutical Giant Realizes Its Vision of Automating Procurement Processes

Summary:

For the leading pharmaceutical company, an AI-powered procurement assistant drove cost savings, accelerated supplier collaboration, mitigated risks, and elevated procurement into a strategic driver of innovation and growth.

Client: 

The leading pharmaceutical company.

Problem Statement: 

The leading pharmaceutical company faced growing inefficiencies in its procurement processes as it scaled:

• Manual Supplier Onboarding: Slow and cumbersome processes reduced agility.
• Inefficient Contract Management: Tracking contracts became error-prone and time-consuming.
• Complex Sourcing Events: Manual handling caused delays and extended timelines.
• Fragmented Request Tracking: The absence of a unified platform hindered seamless request management.

Results: 

• 40% Faster Contract Uploads: Improved efficiency in managing contract repositories.
• 25% Shorter Supplier Onboarding Times: Accelerated timelines for onboarding new suppliers.
• Streamlined Procurement Processes: Automation boosted productivity across sourcing and contract management.
• Improved Security and Stewardship: Robust tracking and management of contract documents ensured better compliance and continuity.

AI Solution Overview:

By adopting AI-powered procurement assistants, the pharmaceutical company revolutionized its operations:

• Streamlined Workflows: Automation of supplier onboarding, contract management, and sourcing events significantly reduced manual workloads.
• Centralized Platform: Teams accessed a unified system to manage procurement requests and monitor progress efficiently.
• Improved Decision-Making: Real-time insights into savings, supplier data, and event metrics enabled quicker, smarter decisions.

References: 

1. Pharmaceutical giant brings their purpose of procurement automation to life with Zycus. https://www.zycus.com/press-releases/pharmaceutical-giant-brings-their-purpose-of-procurement-automation-to-life-with-zycus?utm_source=website&utm_medium=blog
2. Deep Value GenAI Integration for Automation: Unlocking Procurement Success. https://www.zycus.com/blog/ai-agents/deep-value-genai-integration-for-procurement-automation?utm_source=website&utm_medium=blog
3. Beyond Numbers: The Human Story of GenAI-Integrated Procurement Solutions and ROI. https://www.zycus.com/blog/generative-ai/genai-integrated-procurement-solutions-for-roi

Industry:  Pharmaceutical

Vendor: Zycus

Client: The leading pharmaceutical company