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 …
