AI assistant for intelligent enterprise procurement.

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October 16, 2024

Lighthouz AI

Procurement

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AI assistant for intelligent enterprise procurement.

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Procurement15 0

AI Procurement Enterprise Procurement Vendor Communication Invoice Verification Procurement Efficiency Real-time Invoice Auditing

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Lighthouz AI develops artificial intelligence-based tools for procurement teams with a flagship product named 'Pam'. Pam is a AI Procurement Assistant designed to streamline enterprise procurement processes including supplier communication, data entry, and contract negotiations among others.

This tool is geared towards minimizing manual work involving data entry and purchase order (PO) creations, as it is capable of autonomously verifying invoices and communicating with vendors.

Pam also spots cost saving opportunities thereby assisting in optimizing business operations. Intelligent data entry is another unique proposition of Pam as it effortlessly extracts data from various mediums like quotes, invoices and emails and enters them into your ERP system which can include but not limited to SAP and NetSuite.

It creates an added layer of efficiency by automatically comparing quotes and generating POs, eliminating the need for manual copy-pasting. In addition, Pam offers real-time invoice auditing to find discrepancies with POs and prevent any overbilling errors.

Its ability for autonomous communication with suppliers and real-time invoice auditing ensures organizations are not overbilled and manual work required for matching invoices correctness is reduced.

Notably, Lighthouz AI's technology is led by experts in AI and machine learning, and used across different major organizations.

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Initial release

April 20, 2024

Initial release of Lighthouz AI.

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Procurement Lighthouz AI

Procurement

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Lighthouz AI was manually vetted by our editorial team and was first featured on October 16th 2024.

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Pros and Cons

Pros

Streamlines enterprise procurement

Automates supplier communication

Ensures invoice verification

Identifies cost saving opportunities

Optimizes business operations

Performs intelligent data entry

Autonomously verifies invoices

Effortlessly extracts data

Integrates with SAP, NetSuite

Automatic quote comparison

Auto-generates purchase orders

Eliminates manual data entry

Real-time invoice auditing

Prevents overbilling errors

Minimizes manual work

Utilized by major organizations

Autonomous vendor communications

Recoups precious hours

Alerts for user attention

Spots potential overbilling

Prevents revenue leakage

View 16 more pros

Cons

No mention of security measures

Limited integration information

Lacks different language support

No information on accessibility

No offline functionality mentioned

No personalized user interface

Lack of user tutorials

Dependent on internet connection

Limited supplier collaboration features

No real-time reporting

View 5 more cons

Included in lists

1 public list

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Q&A

What does Pam - the AI Procurement Assistant by Lighthouz AI do?

Pam, the AI Procurement Assistant by Lighthouz AI, is designed to streamline enterprise procurement processes. It does this by facilitating supplier communication, taking care of data entry, and easing contract negotiations. Pam autonomously verifies invoices and communicates with vendors, thereby minimizing manual work. It also spots cost-saving opportunities, contributing to the optimization of business operations.

How does Pam streamline the procurement process?

Pam streamlines the procurement process by autonomously communicating with suppliers, handling data entry, and negotiating contracts. It automates the verification of invoices and the communication with vendors. Additionally, it can intelligently extract data from various mediums like quotes, invoices, and emails, and enter them into the company's ERP system. It also prevents overbilling errors by conducting real-time invoice auditing and matching invoices with POs for correctness.

What are the main features of Pam?

The main features of Pam include intelligent data entry on ERP systems, autonomous PO creation, real-time invoice auditing, and autonomous supplier communication. Pam is also designed to optimize business operations by identifying cost-saving opportunities and preventing overbilling.

How does Pam minimize manual data entry work?

Pam minimizes manual data entry work by intelligently extracting data from various sources—like quotes, invoices, and emails—and entering them directly into the company's ERP system. This is accomplished without the need for manual copy-pasting. It also creates an extra layer of efficiency by automatically comparing quotes and generating POs.

How does Pam verify invoices?

Pam verifies invoices by conducting real-time auditing and finding discrepancies with POs. This feature ensures that organizations are not overbilled and reduces the manual work required for matching invoice correctness.

How is Pam capable of communicating autonomously with vendors?

Pam communicates autonomously with vendors, understanding supplier requests and updates, responding accordingly, and only alerting the user when it requires their attention.

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In what ways does Pam optimize business operations?

Pam optimizes business operations by automatically verifying invoices and communicating with suppliers, reducing manual work. Moreover, it identifies cost-saving opportunities from heaps of emails, attachments, invoices, and payments data, thereby aiding in business optimization. It also spots overbilling errors, preventing revenue leakage.

Can you give more detail on the intelligent data entry feature of Pam?

Pam's intelligent data entry feature allows it to extract data from diverse mediums such as quotes, invoices, and emails. It can then enter this data into the company's ERP system, reducing the need for manual copy-pasting and minimizing human error.

How does Pam integrate with ERP systems like SAP and NetSuite?

Pam integrates with ERP systems like SAP and NetSuite by extracting data from various sources and entering it directly into these systems. This automation removes the need for manual data entry and increases efficiency.

How does Pam compare quotes and generate POs?

Pam compares quotes and creates POs intelligently by automatically analyzing the information available in different quotes. It eliminates the need for manual work, allowing for no more copy-pasting data to create POs.

Does Pam audit invoices in real time?

Yes, Pam conducts real-time invoice auditing. It identifies discrepancies in invoices in comparison with POs, ensuring that the organization does not overpay and saving hours of manual work required for matching invoices for correctness.

What overbilling errors can Pam prevent?

Pam can prevent overbilling errors by conducting real-time invoice auditing and identifying discrepancies with POs. It ensures that the organization doesn't overpay and aids in the prevention of revenue leakage.

How does Pam help in matching invoice correctness?

Pam helps in matching invoice correctness by conducting real-time audit of invoices and matching them against the respective POs. This process eliminates overpricing discrepancies and reduces the manual labor needed for invoice matching.

How does Pam detect cost saving opportunities?

Pam detects cost-saving opportunities by examining emails, attachments, invoices, and payments data. By automating this evaluation process, it helps organizations spot potential areas of cost reduction that can lead to significant savings.

Who are the experts behind the AI and machine learning technology of Lighthouz AI?

The AI and machine learning technology of Lighthouz AI is led by Dr. Srijan Kumar, the CEO, and Sonali Pattnaik, the CTO. Dr. Kumar, an award-winning scientist, has previously conducted cutting-edge AI research at establishments like Google, Stanford, and CMU. Ms. Pattnaik, an experienced ML engineer, has developed systems saving millions of dollars at companies such as Halliburton and Progressive Insurance.

In which major organizations is Lighthouz AI's technology used?

While specific organizations using Lighthouz AI's technology are not mentioned, the website indicates that the technology is utilized across several major organizations.

Can Pam interact with suppliers autonomously?

Yes, Pam has the capability to interact with suppliers autonomously. It understands supplier requests and updates, responding appropriately and alerting the user only when necessary.

How does Pam ensure there are no overbilling errors?

Pam ensures there are no overbilling errors by conducting real-time invoice auditing and finding discrepancies with Purchase Orders. This ensures that organizations do not overpay and guards against revenue leakage.

Which systems besides SAP and NetSuite can Pam integrate with?

While specific systems other than SAP and NetSuite are not mentioned, Pam is clearly designed to integrate with a variety of ERP systems, offering intelligent data extraction from multiple sources.

How can Pam prevent revenue leakage in a business?

Pam can prevent revenue leakage in a business by identifying overbilling errors in invoices through real-time invoice auditing. By matching invoices with POs, Pam ensures accuracy and guards against potential overbilling, hence preventing revenue leakage.

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