MRO Launches AI-Based Material Price Prediction and Analysis Software

Emro announced on the 8th that it has launched the ‘Smart Price Doctor’ software, which uses artificial intelligence (AI) technology to predict and analyze the prices of key materials.

Smart Price Doctor features AI-based time series forecasting modeling that combines various external variables affecting material prices, such as raw material market conditions, inflation indices, and exchange rates, with past purchasing data to predict price fluctuation trends for each material. Based on these results, it can closely analyze whether the quotes submitted by suppliers delivering the materials are appropriate. If there is a large difference between the AI-predicted unit price and the quoted price, it also provides alerts to the person in charge.

Major domestic construction companies, large chemical affiliates, and energy firms are developing various material price prediction systems based on Smart Price Doctor. Emro plans to continuously secure references with leading companies in each sector and continue to lead digital innovation in supply chain management using AI.

Meanwhile, Emro, which has over 20 years of expertise and know-how in purchasing and supply chain management, has developed various AI software based on patented AI natural language processing technology and its own AI development platform, including ▲purchase item data similarity analysis ▲automatic analysis of supplier quotations ▲intelligent demand forecasting and inventory management ▲market-based material price prediction ▲integrated monitoring and analysis of supplier risks, supplying these to leading domestic companies such as Samsung Electronics, Hyundai Motor Company, Pulmuone, and Daesang.

An Emro official said, “Through Smart Price Doctor, companies can proactively respond to market uncertainties and secure stability in material procurement, ultimately reducing costs and strengthening purchasing competitiveness,” adding, “We continue to receive inquiries from companies seeking to proactively respond to the ongoing supply chain crisis.”

This content was produced with the assistance of AI translation services.