Supplier discovery in today’s age on the surface seems easy, however we don’t think LLM’s are providing procurement teams with the accurate knowledge that they need. Artificial intelligence has transformed how businesses interact with information, but not all AI models are designed for every use case. LLM’s are an impressive general-purpose tool capable of answering …
A lot of procurement teams right now are trying to slash hidden costs and streamline their procurement process. As Forestreet is a supplier discovery SaaS solution, it’s no secret that we constantly discuss the benefits of having a diverse supply chain and ensuring that procurement teams have access to high-quality information on all their suppliers …
The Hidden Costs of Sticking with the Wrong Supplier Read More »
For years, businesses have relied on Google as the go-to search engine for everything, including finding suppliers. However, anyone who has seriously attempted supplier discovery through Google knows the frustration it can bring. While Google is excellent for general searches, it falls short when it comes to sourcing manufacturers, wholesalers, or specialised suppliers. Businesses often …
The terms “sourcing” and “supplier discovery” are often used interchangeably in Procurement and Supply Chain Management, but they have distinct meanings and scopes. Here’s a detailed breakdown of each term, their overlaps, and the reasons behind the vagueness in their usage. Sourcing Sourcing refers to the process of identifying, evaluating, and engaging suppliers for acquiring …
We are pleased to announce our new partnership with Positive Purchasing, a company renowned for providing world-leading digital platforms, high-impact training, and consulting for strategic procurement and negotiation. This partnership marks a significant step forward in our mission to transform procurement. Positive Purchasing combines digital platforms, training, assessment tools, and proven methodologies to deliver improvements …
Forestreet partners with Positive Purchasing to revolutionise procurement processes Read More »
Deal builds out Beroe’s leadership in category-level procurement intelligence with addition of supplier insights RALEIGH, N.C & NEW YORK, N.Y – June 27th, 2024 – Beroe, the provider of the SaaS procurement intelligence and analytics platform used by the majority of Fortune 500 companies, today announced a strategic investment in Forestreet, the leading artificial intelligence-driven …
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We are excited to announce a new collaboration between Forestreet and TSM, a consultancy specialising in the implementation of procurement systems. Research shows that 40% of sourcing professionals spend an average of three months completing a single supplier search, yet they can only review a few dozen suppliers from thousands. TSM recognises this industry-wide challenge, …
Forestreet and TSM join forces to enhance supplier discovery solutions Read More »
In this report, IDC explores the benefits, trends and challenges with applying AI to vendor discovery.
