target audience: TECH SUPPLIER Publication date: Jun 2024 - Document type: Market Note - Doc Document number: # US52385024
Zip Extends Capabilities with the Release of Enhanced AI Features
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Abstract
This IDC Market Note examines Zip's introduction of a suite of AI enhancements aimed at streamlining the procurement process, including a generative AI procurement assistant, contract data extraction, and automated purchase request filling. These features are designed to reduce inefficiencies, save time and money, and improve compliance and risk management. With a client base that includes major companies and a track record of significant savings, Zip's AI-powered platform is enhancing spend management across over 140 countries. The recent $100 million Series C funding and a valuation of $1.5 billion underscore Zip's growing influence in the spend orchestration space, with IDC highlighting the importance of these AI features in driving operational efficiency and user satisfaction.
"IDC expects Zip's AI enhancements to be very well received, providing strong efficiency improvements and yet more savings opportunities. Zip continues to demonstrate and validate the promise of spend orchestration." — Patrick Reymann, research director, Procurement and Enterprise Applications at IDC