A 2023 McKinsey survey of approximately 75 CFOs at large organizations found that 22% were actively exploring the use of generative AI within finance, and 4% had already launched pilot programs.¹ This reflects an already growing recognition that advanced technologies can support faster, more informed decision-making in functions that require accuracy, compliance, and control. For procurement teams operating in highly regulated industries, the right tools can bring similar benefits to strategic sourcing by simplifying complex workflows and improving visibility across systems.
AI-powered procurement tools can help simplify sourcing in a variety of ways, such as:
- Automated intake forms route sourcing requests to the right place and loop in other teams like legal, risk, or finance, without manual work.
- Contract tools like Optical Character Recognition (OCR) and search capabilities provide visibility into key terms, renewal dates, and any compliance obligations.
- RFP assistants streamline questionnaire building and vendor selection to support consistent and comparable decision-making.
- AI-driven insights help identify opportunities, flag potential risks, and track overall impact.
Levelpath brings these capabilities together in an AI-native, unified platform purpose-built for complex processes. By combining intelligent intake, AI-powered contract visibility, configurable sourcing workflows, and real-time insights, Levelpath helps teams build easy-to-use and repeatable processes. The result is an intuitive, strategic sourcing process that supports compliance, enhances collaboration, and delivers measurable value to the business.
Levelpath sourcing guides users through every step of the process, from intake to vendor selection to negotiation and e-signature. Teams can launch and manage RFPs in seconds through a centralized workspace, collaborate with stakeholders in real time, and access side-by-side vendor comparisons. Built-in templates and automation remove the guesswork, while audit trails and approval workflows help ensure alignment without slowing down the process. Whether managing a simple quote or a complex sourcing event, Levelpath gives teams the structure and flexibility they need to move with clarity and control.
One Levelpath customer, Acrisure, launched their instance in the morning and had their first RFP live by the end of the same day. They were able to 10X their capacity to create and send RFPs per procurement employee, transforming their ability to execute sourcing strategies at scale. Another customer, PADNOS, experienced a 5X increase in sourcing projects per procurement employee, with 76% faster procurement cycles, enabling them to save 6,000 hours of fleet downtime through rapid supplier identification and evaluation.