A large energy multinational boosted procurement efficiency by 40% using a GenAI-powered Knowledge Assist solution
Summary
Our client, a large energy multinational, faced significant challenges with outdated and siloed systems that were not designed for rapid information retrieval. This hindered the procurement team’s productivity and caused a ripple effect across the entire organization, impacting operations that rely on the timely and cost-effective sourcing of goods and services. Procurement, being the lifeblood of the energy sector, requires efficiency and agility to fuel organizational success.
To address these issues, Fractal introduced FractalGPT – GenAI Knowledge Assist. This AI-powered application leverages the power of large language models and generative AI to revolutionize knowledge retrieval within large enterprises.
The implementation of FractalGPT has led to a remarkable 40% improvement in information retrieval efficiency, streamlining processes, and enhancing decision-making capabilities. This strategic integration of advanced AI technology has not only optimized the procurement function but also propelled the organization towards a more agile and informed operational framework.
Challenges
The client’s procurement team grappled with several challenges that significantly hampered their efficiency.
These challenges included:
Manual knowledge retrieval
Clarifying procurement policies and locating supplier information was a cumbersome process. Staff were flooded with requests and forced to conduct manual searches through an extended network of disparate documents and databases. This time-consuming process diverted valuable resources away from core procurement activities.
Operational delays
The inefficiencies in information retrieval led to operational delays. Additionally, the excessive time spent searching for information resulted in bottlenecks within the procurement cycle, which impacted the business’s agility and responsiveness.
Decision-making roadblocks
Critical procurement decisions were often postponed due to a lack of timely and accurate information. This led to potential missed opportunities, delays in securing essential goods and services, and financial setbacks.
Solution
To solve these problems, Fractal implemented its FractalGPT – GenAI Knowledge Assist application. FractalGPT is an AI-powered solution designed to revolutionize knowledge retrieval within large enterprises using the power of large language models and generative AI.
In eight weeks, FractalGPT- GenAI Knowledge Assist was deployed and customized on the client’s AWS environment, where it was integrated with the internal SharePoint and policy repositories and several other backend tools. The virtual assistant was further customized by training it on thousands of documents covering various topics such as procurement policies and supplier agreements.
It leveraged a large language model (LLM) to perform semantic search and response generation, ensuring the answers were relevant and consistent with the source documents. The approach ensured that no confidential or company-specific information left the company tenant.
Knowledge Assist, built on Amazon EKS, Amazon Bedrock, and Amazon Open Search Service, ensures efficient and accurate information retrieval without extensive training. It seamlessly handles complex documents, including those containing tables, across multiple file formats such as PDFs, Docs, and PPTs.
Results
- 40% improvement in information retrieval efficiency.
- 20% overall compliance enhancement with a reduction in errors.
- 30% efficiency boost in the procurement process.
- 10% increase in overall procurement team satisfaction.