**London**: Businesses are increasingly integrating generative AI into supplier relationship management, enhancing supplier engagements and operational efficiencies. GlobalData Healthcare exemplifies this trend, utilising AI to improve customer interactions and streamline processes, marking a significant evolution in the industry.
In the realm of supplier relationship management (SRM), the increasing integration of generative AI is significantly transforming how businesses operate and enhance their engagements with suppliers. Inflexion’s Partner Alex Mathers highlighted the importance of this technology, stating, “Broadly speaking, with generative AI we look at product improvements and automation opportunities.” This signifies a growing trend where organisations are employing artificial intelligence to streamline processes and strengthen partnerships.
GlobalData Healthcare (GDH) serves as a prime example of a business leveraging generative AI to improve customer interactions and internal efficiencies. Recently established as a standalone entity earlier this year with minority capital from Inflexion Partnership Capital, GDH provided its valuable insights to approximately 2,000 customers who rely on its data intelligence subscriptions. Previously the largest division of GlobalData, which maintains majority control, GDH caters to a diverse clientele, including large global pharmaceutical firms, biotech companies, suppliers, professional services, and manufacturers of medical devices.
GDH has embarked on an AI journey focussing on enhancing customer experience, streamlining data production processes, improving internal efficiencies in HR and finance, and developing predictive capabilities for new offerings. Their implementation of natural language interfaces aims to revolutionise usability across the vast amount of data they manage, which encompasses over 350 tables in structured databases and 10 terabytes of documents related to the pharmaceutical industry.
The enhancement of customer experience remains a priority for GDH. Neil Dodgson, the Chief Product & Digital Officer at GlobalData Healthcare, elaborated on this objective: “We wanted our customers to be able to search efficiently by using their natural language. This unified experience ensures a smooth transition to human analyst support whenever deeper expertise is required.” This focus has reportedly led to a shift in user behaviour, with customers moving from short, three-word searches to longer, more complex inquiries that resemble natural language. This evolution allows users to pose sophisticated questions, such as predicting patient numbers for specific diseases or summarising recent pharmaceutical innovations, leading to more tailored and pertinent responses.
As part of this transformation, GDH integrated its AI tools into a cohesive platform in December 2023, allowing for continuous iterative improvements through monthly releases. This has stimulated adoption of these new features, with GDH’s AI Hub now processing thousands of queries each month that are increasingly complex. The generative AI employed can analyse and synthesise intricate queries, producing clear, actionable insights. For example, a query about a pharmaceutical company’s deal strategy can yield structured outputs that include summaries, bullet points, and visual representations like charts. The feedback received has been positive, confirming the tool’s accuracy and substantiating GDH’s position as a leader in utilising AI for supplier relationship management and customer interaction.
As the landscape of supplier relationship management continues to evolve with the strategic implementation of generative AI, companies that adapt to these advancements could potentially enhance not only their operational efficiencies but also their overall supplier relationships and customer satisfaction levels.
Source: Noah Wire Services
