These additions include pre-built AI agents as well as a no-code AI Agent Builder that enables procurement teams to design and deploy their own agents, the company said in a Thursday (June 5) press release. The new capabilities became generally available Thursday.
“At Oro, we believe the future of procurement isn’t just about adding AI — it’s about orchestrating a symphony of human and machine intelligence,” Oro Labs co-founder and CEO Sudhir Bhojwani said in the release.
The new AI agents handle risk and compliance tasks like risk reviews, fraud detection, global tax compliance, sustainability compliance, anti-bribery compliance and legal reviews. There’s also a new AI agent for intake management that recommends opportunities for autonomous negotiation, according to the release.
The Oro platform already included other AI agents for intake management, supplier maintenance and knowledge retrieval, the release said.
Global enterprises using the company’s agentic AI have found that when applied to risk reviews and contract compliance checks, it cuts processing time and reduces legal involvement by as much as 50%, the release said.
The new AI Agent Builder that was launched Thursday provides a drag-and-drop interface that enables procurement teams to create and change agents for any use case, per the release.
When Oro Labs raised $34 million in Series B funding in November 2023, the company said it aimed to meet the demand for solutions for managing procurement and supplier complexity and to expand its smart procurement workflows across the globe.
Generative AI has the potential to revolutionize procurement by automating routine tasks, analyzing vast datasets for supplier selection and predicting market trends, according to the PYMNTS Intelligence report “The Investment Impact of GenAI Operating Standards on Enterprise Adoption.”
The report found that these capabilities can lead to cost reductions, improved efficiency and enhanced decision making and that 73% of enterprises are either using or considering the integration of GenAI into their procure-to-pay cycles.
In another, separate development in the space, LightSource Labs emerged from stealth in April and said it raised $33 million in seed and Series A funding to scale its AI-native enterprise procurement platform.
For all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
English (US) ·