Publication
INFORMS 2021
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Risk Analytics For Renewal Of Purchase Orders

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Abstract

The transactions of goods and services between large businesses are often driven by purchase order (PO). A PO is a document that which details the sale of products and services to be delivered. The demand driven usage of the cloud infrastructure and services can lead to unpredictable nature of cost which can lead to the invoices that may get into a dispute due to PO amount getting exhausted much ahead of the contract end date. To address this challenge, we developed a risk analytics model along with a recommendation engine, enhanced with Human-in-the-Loop (HitL) to rank purchase orders for renewal. We demonstrate the efficacy of our method by showing implementation of the application.

Date

24 Oct 2021

Publication

INFORMS 2021

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