Australian Financial Review Article: AI Start-up Robobai raises $5M to rid supply chains of waste and woe
While there are other AI-driven procurement platforms claiming to save enterprises money, Mr Harris said Robobai was different because it added the ability to check for diversity and ethics in supply chains.
By pulling in third party databases to its “data lake”, Robobai could for instance suggest suppliers to accord with a corporate’s wish to spend more on female-owned or Indigenous-owned suppliers.
Robobai also claims to help businesses avoid the ignominy of having slavery embedded in their supply chains. “For instance if your business is buying batteries, they’re likely to have cobalt in them, and 60 per cent of the world’s cobalt comes from mines using child labour in the Congo,” Mr Harris said.
Amid a backgrop of global uncertainty, and a mounting focus on ESG, one corporate commandment has become increasingly indisputable: investing in ethical procurement is not only a feel-good opportunity, but it can also mitigate critical business risk.
With increased transparency and obligations around payment times and practices of large businesses, it is critical that eligible entities have a thorough understanding of the requirements of the Payment Times Reporting Scheme (PTRS) to ensure they are meeting the reporting requirements on time!