Absolut Leverages AI To Transform Its Procurement Processes

Stockholm-based The Absolut Company (Absolut) is a producer and marketer of a number of the world’s leading spirits brands, including its namesake Absolut Vodka, Malibu Rum, and Kahlúa, as well as being a major part of the Pernod Ricard brand. Generating volume sales of approximately 9.2 million 9 liter cases worldwide in 2020, the company purchases an enormous volume of ingredients on its mission to supply the world with quality alcoholic beverages. The company has been exploring ways to improve its procurement processes and has recently selected a market-leading supplier of procurement and supply chain management software after a competitive review.

GEP SOFTWARE (GEP) was selected to transform the company’s entire source-to-contract process, which encompasses sourcing, contract management, and supplier management with suppliers across Europe, as part of Absolut’s quest to drive greater customer and stakeholder value. The Clark, New Jersey-based GEP SOFTWARE is a provider of software and services to Fortune 500 and Global 2000 enterprises all over the world, with the offerings GEP SMART and GEP NEXXE.

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GEP SMART was recently named the world’s best procurement software for the second year in a row at the 14th annual World Procurement Awards in London. The AI-powered, cloud-native platform helps businesses navigate the source-to-pay process in a highly efficient manner, providing users with a suite of tools to lower costs and make data-driven decisions. GEP NEXXE offers a cloud-based unified supply chain management platform to help enterprises maximize ROI while eliminating infrastructure and support costs.

GEP’s software offerings provide an intuitive digital workspace that capitalizes on advanced data and semantic technologies as well as machine learning and cognitive computing, integrating quickly and easily into major ERP and F&A software. The company provides industry-leading support and service to its clients, is a leader in multiple Gartner Magic Quadrants, and is a consistent recipient of awards and recognitions from industry analysts, research firms, and media outlets.

As businesses across the world work to adapt to an ever-changing procurement and purchasing environment, with supply chains under unprecedented strain and customer demand only increasing, companies that work to streamline and innovate in this space are likely to see substantial gains moving into the unknown world of 2022.