25 May Launch into limitless VMS potential: Generative AI integrations are about to change how you work
Is there such a thing as “communicating” with a Vendor Management System (VMS)? Between figuring out which forms to complete and remembering specific commands to get the data you need, maneuvering a legacy VMS can be restrictive and complicated. Flextrack is on a mission to re-envision what a VMS should be with our solutions delivered through Platform as a Service technology.
Flextrack comes with built-in natural language processing (NLP) through our Salesforce architecture and Einstein AI, but with an upcoming addition of generative AI integrations, the possibilities of what clients can do are set to substantially expand.
We’re already there. Neural architecture networks for unlimited VMS possibilities.
Let’s talk about how large language models (LLM), the neuron-like foundation of Chat GPT, and other generative AI are going to change the future of extended workforce management. Salesforce partnered with OpenAI, the creators of ChatGPT, to provide out-of-the-box generative AI capabilities for all customers through Einstein GPT.
Powered by machine learning, this new technology is pulling from the same enterprise version of deep neural network architecture that’s pre-trained on vast amounts of text data to understand the questions you ask in your own words without having to memorize commands or complicated data structures.
Clients can expect unified customer data as Einstein GPT combines Salesforce’s proprietary AI models and generative AI technology from partner ecosystems and real-time data from the Salesforce Data Cloud. If you’ve used Chat GPT before, you can expect the same level of responsiveness and engaged conversation when managing, sourcing, analyzing data, or planning strategy on our next-generation VMS.
The future is evolving: Communicating with your VMS for augmented extended workforce management
Currently, the Einstein Discovery machine learning platform is built into Salesforce, allowing users to access the AI to deliver predictions and recommendations. Anyone can create predictive models without the need for professional data scientists or coding knowledge. Einstein GPT combines with Einstein Discovery to connect organizations to their own data.
Based on the information we have so far, users will be able to expect increased speed and ease in the following areas:
Enhanced analytics
Users can analyze vendor and extended worker data in real-time to identify trends and make informed decisions. Additionally, with natural language analytics capabilities, unstructured data can also be looked at to identify patterns and key information.
Use case example: A procurement professional is tasked with negotiating upcoming vendor contracts. They ask the tool to identify trends in vendor data based on transaction history and vendor performance metrics. They also ask the bot to investigate text data like surveys, emails, and feedback to determine which vendor is a top performer.
Improved vendor and candidate communications
Professionals can communicate with vendors and candidates in a more intuitive way.
Use case example: Instead of sending an email or filling out a form, a procurement professional could ask, “Can you provide me with the details of this candidate?” and receive a response within seconds.
Enhanced candidate screening
HR professionals can screen and qualify candidates more efficiently. By analyzing resumes and job descriptions, the system can identify the most relevant candidates and provide HR professionals with a shortlist of candidates to consider.
Use case example: A company needs a software engineer for a 6-month contract. The HR team receives hundreds of resumes and asks the tool to choose which skills and assets would best match the job description. Then, it screens candidates based on these determined skills, experience, and other qualifications and generates a shortlist of top candidates for the team to consider.
Improved compliance
Generative AI can help professionals ensure compliance by analyzing documents and flagging any potential compliance issues.
Use case example: A resume for a candidate is uploaded. The tool identifies a potential compliance issue with the candidate’s work history. Flextrack flags the issue, prompting the workforce professionals to investigate further before moving forward with the candidate.
Efficient workflows
The tool can help procurement and HR professionals manage their workload by automating time-consuming tasks such as scheduling, responding to vendor inquiries, or vetting incoming talent to keep focus on high-priority tasks.
Use case example: A procurement professional receives a high volume of vendor inquiries every day. They can automate and customize responses to common inquiries, freeing up more time for strategic tasks.
Improved productivity
Reducing the amount of time spent on administrative tasks and improving communication efficiency leads to greater productivity
Use case example: A procurement professional has a large number of invoices to review and process. They ask to automatically classify invoices based on predefined criteria, such as vendor, amount, or category. With its ability to learn from historical data, the system will become even more efficient over time, leading to even greater productivity.
Improved forecasting
Executives can leverage Einstein Discovery’s forecasting abilities even further to analyze historical data and make predictions about future events and trends that impact budgets, planning, and costs, resulting in more aligned strategies across the organization.
Use case example: The CEO of a multinational corporation needs to predict future workforce needs in various regions around the world in order to make informed decisions about contingent staffing, budgeting, and resource allocation. The system is asked to analyze a wide variety of data sources, such as workforce analytics, economic data, industry trends, and geopolitical factors, and identifies a growing demand for workers with a particular skill in a key region. The hiring strategy can be adjusted to that upcoming trend.
Flextrack Brings the Power of Workforce Data to Life
Flextrack brings a future-forward approach to contingent workforce management by minimizing the need for coding or complicated analytics expertise, and with the Einstein GPT integration into Salesforce’s Einstein Discovery, the way our clients will be able to experience natural language processing to engage with their analytics and every part of their extended talent management toolkit is about to become even more frictionless.
For more information on navigating disruption in an age of generative AI opportunities, download the 2023 Strategic Workforce Planning report.
