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Geoff Charles<\/p>\nFinancial operations platform Ramp on April 29 launched AI agents that work together to run the buying process, triaging employee requests, sourcing vendors, reviewing contract terms, and handling compliance checks. <\/p>\n
Ramp says the launch marks a significant expansion of its procurement solution, as the New York City-based company continues to extend from managing spend to running the entire purchasing process\u2014from source to payment.<\/p>\n
Ramp\u2019s AI agents execute entire sourcing events, detect compliance risks, and identify savings opportunities. The agents run on pricing data from millions of Ramp transactions, so a 200-person company walks into a negotiation with the same benchmark data a Fortune 500 would, the company said.<\/p>\n
Geoff Charles<\/p>\n
\u201cThe tools companies use to buy haven\u2019t kept pace with the speed or sophistication of what they\u2019re buying,\u201d Geoff Charles, chief product officer at Ramp, said in a statement. \u201cWe built a purchasing platform where AI agents do the work. Finance teams can hire Ramp as an extension of their team to run purchasing end-to-end.\u201d<\/p>\n
Every agent in the new platform is backed by anonymized pricing benchmarks and vendor data from Ramp, tailored to each customer\u2019s business size, industry, and specific needs. Taken together, Ramp Procurement customers are saving an average of 16% annually on vendor costs and eliminating 46 hours per month of manual purchasing work, the company says.<\/p>\n
Key benefits include:<\/p>\n
Natural language intake:\u00a0Employees tell Ramp what they need in plain English. The agent asks context-aware follow-up questions, pre-fills the request form, and catches policy violations before anything hits an approver\u2019s queue.<\/p>\n
Advanced workflow builder:\u00a0A rebuilt workflow engine supports parallel approval paths, bidirectional integrations with contract lifecycle management, third-party risk management, and ticketing tools and AI-driven vendor evaluations. Customers are running their entire procurement process three times faster than before, Ramp says.<\/p>\n
Agent-run due diligence:\u00a0AI agents conduct custom compliance checks for security, legal, and finance teams before a request reaches an approver, saving stakeholders approximately two hours of manual research per request.<\/p>\n
Renewal and contract intelligence:\u00a0That AI contract ballooned from $39,000 to $500,000 in two years, and it\u2019s up in two days. Ninety days out, Ramp delivers the negotiation briefing: pricing benchmarks, Okta seat usage, user satisfaction signals, and flagged contract terms\u2014so every renewal decision is instantly backed by data.\u00a0<\/p>\n
Zero-touch sourcing (early access):\u00a0Describe the vendor you need. Ramp researches options, generates the RFx, collects vendor responses, scores them, and recommends a winner. Sourcing events that used to take weeks of research and coordination are compressed into a single conversation with Ramp.<\/p>\n
Full procurement reporting suite:\u00a0Get end-to-end visibility into your spend and process. See every purchase from request to purchase order to payment. Ramp surfaces outstanding purchase orders, budget variance, and approval bottlenecks. If you need something specific, just ask in plain English and Ramp generates the report.<\/p>\n
\u201cThis is the first step toward a fully autonomous back office,\u201d Charles said. \u201cEvery company deserves procurement-grade rigor. Now they can have it\u2014whether they have a procurement team or not.\u201d<\/p>\n
More information about Ramp Procurement can be found here<\/a>.<\/p>\n Photo credit: Elizabeth Lin\/X<\/p>\n Sign in to get access to this free resource, and all of our whitepapers and reports.<\/p>\n \t\t\t\t\t \t\t\tDownload this content today!<\/p>\n Register to get free access to this content, as well as newsletters, continuing education, podcasts, and more\u2026<\/p>\n \n\t\t\t\t\t\t\t![\"](\"https:\/\/www.cpapracticeadvisor.com\/wp-content\/uploads\/CPAPA-Logo.svg\"){kind=logo}
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