While doing so, the platform provided $6 billion in customer savings, saved customers 10 million days of cycle time, and delivered 10 million artificial intelligence (AI) insights, Zip said in a press release.
“What began as a simpler way to start a purchase has grown into a full procurement operating system,” Zip Co-Founder and CEO Rujul Zaparde said in the release. “This year, we introduced agentic procurement orchestration — not just a new term and category, but a new way of thinking about how AI can transform every aspect of how companies purchase.”
Zaparde added that the “results speak for themselves.”
Zip added new features to its platform this year, including AI-powered workflow routing that automatically directs requests to the right approvers, a price negotiation agent that optimizes every purchase, an invoice-to-contract compliance agent that ensures invoices align with negotiated terms, a universal AI agent that provides cross-platform intelligence, and Zip for Risk Orchestration that helps companies manage compliance workflows, according to the release.
“Intake, orchestration, sourcing, contracts and payments are becoming interconnected elements of a single, intelligent system,” Zaparde said. “We’re building the platform that brings it all together.”
When the company added Zip for Risk Orchestration to its procurement orchestration platform in April, it said this product enables global organizations to streamline supplier risk assessments, financial verification and regulatory compliance to mitigate risks related to fraud, security breaches and enforcement actions.
“The challenge has never been more urgent; companies now have more suppliers than employees, and 98% of global organizations have a relationship with at least one third party that has been breached — creating a perfect storm of financial, security and compliance threats,” the company said at the time in a press release.
When Zip launched its price negotiation agent in October, the company said this AI agent helps companies identify overpayments and negotiate better deals across all categories of spend.
The tool analyzes the company’s internal purchase history as well as external market benchmarks to provide data that can guide negotiations, the company said at the time.
