Zip has unveiled a powerful suite of new and enhanced AI capabilities that allow companies to gain control of their spending by streamlining procurement.
The AI-powered spend orchestration platform has built on its existing capabilities and now offers tools such as Zip AI assistant, AI document extraction and AI intake automation.
Simplifying procurement
The purchasing process can often be slow, complex, and riddled with inefficiencies, involving countless steps, extensive paperwork, and numerous approvals and security reviews. Zip’s AI-powered platform streamlines the entire procurement lifecycle, from initial request to final payment, thereby saving businesses valuable time and money, while enhancing spend visibility, risk management, and compliance.
Hundreds of industry leaders including Sephora, Discover, and Reddit as well as leading AI companies like OpenAI use Zip to increase operational efficiency, generate hard savings, and reduce risk.
The latest AI features bring even more advanced and impactful capabilities to Zip:
- AI assistant: Zip’s AI assistant guides employees through the purchasing process to reduce the time and effort required to navigate complex company spending policies. For example, if an employee wants to buy an Airtable software subscription for their team, they can send a message to Zip’s AI assistant as if messaging a coworker, and Zip AI will automatically start the purchase request, guiding them through what is needed to complete the request.
- AI document extraction: AI document extraction parses data from order forms, contracts and other documents to create a comprehensive, single source of truth. With AI document extraction, users can scan documents such as MSAs, DPAs, NDAs, SOWs, Amendments, and more in seconds. This puts valuable information to work, allowing users to autmate more tasks.
- AI intake automation: AI intake automation pre-fills purchase requests with data from order forms, eliminating manual data entry and saving time. Employees simply need to upload the order form they receive from their vendor to have key purchase and supplier information — such as price, item quantity, and billing frequency – automatically included in their purchase request, saving them valuable time and reducing the likelihood of errors.
Better customer experience
“Zip has become an indispensable tool for OpenAI’s procurement process,” said Hugh Drinkwater, OpenAI’s Head of Procurement. “We are thrilled Zip has integrated OpenAI’s technology to power their Zip AI suite to help us further reduce time spent on manual tasks, create a better buying experience and improve the productivity of our teams across the organisation.”
With Zip’s suite of AI solutions, companies can eliminate thousands of employee hours and dramatically reduce the need for procurement, legal, security, finance, and IT teams to spend time on error-prone data entry and time-consuming vendor contract reviews. For example, Miro uses Zip AI to save time with the legal contract review process; Coinbase uses it to streamline millions of dollars of invoices per year; UCI Health is implementing it to rapidly scale contract conversions during a merger, ensuring inclusion of key stakeholders and continuity of patient care — allowing doctors and nurses to focus on providing life-saving medical treatment without administrative delays, or disruptions to services required.
Today, Zip powers global payments in over 140 countries and has helped customers save almost $4.4 billion in less than four years since the platform launched.
