Can Artificial Intelligence Revolutionise Procurement Automation in the FinTech Industry?

Key Takeaways

• Can artificial intelligence revolutionise procurement automation in the Fintech Industry? Bidzaar, an AI-powered electronic trading platform based in Kaliningrad, Russia, proves that it’s possible.
• Through service algorithms and AI technology, Bidzaar is transforming the way businesses find and interact with their suppliers.
• It optimises the supplier selection process, reducing procurement costs and adding an extra layer of assurance by verifying suppliers against various databases.

Introducing Bidzaar

Traditionally, the procurement process has been a time consuming task for businesses. Manually searching for and interacting with various suppliers was not only resource-intensive but also lacked an efficient verification process. Bidzaar, a fintech startup founded by Andrey Chernogorov and Anton Buzdalin, is revolutionising this process with its cloud-based procurement automation service. Based in Kaliningrad, Russia, Bidzaar uses machine learning and artificial intelligence to automate the selection of counterparties.

The company has developed an electronic trading platform where businesses can find suitable suppliers almost instantaneously. The AI technology sifts through an expansive database and selects suppliers based on keywords and behavioural patterns. But it doesn’t stop there. It also verifies these suppliers against a variety of databases and analyses numerous financial indicators, providing businesses with a more reliable and transparent process.

What Makes Bidzaar Stand Out

One of the key factors that set Bidzaar apart from the competition is its effective integration of AI and machine learning technologies. While such advances have become more common in various sectors, Bidzaar is one of the few companies that have successfully incorporated these technologies into procurement. This not only gives the company a competitive edge but also has implications for the broader fintech industry as it demonstrates the capabilities of AI in procurement automation.

Furthermore, Bidzaar adds a new level of transparency and reliability for businesses. The platform does more than just match businesses with suppliers; it also offers thorough verification of these suppliers and the financial aspects involved. Their proprietary technology reduces procurement costs and ensures that businesses are partnering with trustworthy and financially stable suppliers.

The Future of Bidzaar and Its Industry

Looking to the future, it’s clear that Bidzaar is well-positioned to continue spearheading the AI revolution in procurement automation in the fintech industry. As AI and machine learning technologies continue to evolve and become more sophisticated, there is ample potential for Bidzaar to provide even more effective and efficient solutions for businesses.

Furthermore, by showcasing what is achievable with cutting-edge technology, Bidzaar is setting a path for other fintech startups and encouraging innovation within the sector. Find out more about Bidzaar on their website at https://bidzaar.com/landing/ and stay updated with their activities on their social media pages (Twitter, Facebook, LinkedIn).