Ratio introduces Eco, a new Ratio Exchange AI capability to help customers Source faster.
With dozens of customers and thousands of users, Ratio Exchange is the market leading platform that enables customers to quickly design, launch, and grow sourcing ecosystems to solve today and tomorrow’s problems and challenges faster. We do this through a suite of integrated rapid acquisition tools that significantly accelerate acquisition lifecycles from problem identification through solution submission and evaluation.
To help our customer Source even faster, Ratio is proud to announce Eco, a new Artificial Intelligence (AI) capability that is rapidly being integrated into the Ratio Exchange. Eco is essentially a “bot” that integrates OpenAI learning models, to assist customers with sourcing tasks and activities. “We’ve thought long and hard about our AI Strategy and our responsibility to our customers”, said Jim Benson, co-founder and Chief Technology Officer (CTO). “It’s one thing to demonstrate the art of the possible… it’s another thing to implement it responsibility, where it’s most impactful, while ensuring transparency to build trust and accountability of results.”
In the Beta release, customers can use Eco to create the content for a Challenge automatically. Or, customers can ask Eco to create the content for an entire Request for Information (RFI), Request for Proposal (RFP), or Capability Report or the specific sections within each. All customers need to do is provide Eco with a short “call to action” statement and let Eco do the heavy lifting. “We recognize that AI can’t do everything but if we can help our customers jump start several of these tedious and time consuming activities then it’s good value.”, said Benson.
Eco is smartly integrated into our customers’ workflow which puts the power of AI at their fingertips when and where they need it. The Beta release of Eco is only the beginning of Ratio’s AI journey and AI-related investments within the Ratio Exchange. Ratio will continue to integrate Eco across the Ratio Exchange and iteratively improve Eco’s results through the feedback we receive from customers. In a parallel path, Ratio is also investing in building and training our own AI/ML Sourcing Model that Eco will use when asked to find and recommend companies who can solve customer problems and challenges, analyze trade-offs and risk, and automate the evaluation of company challenge submissions. This capability will be released in Alpha in mid July 2023.
Ratio is deeply committed to AI responsibility and recognizes our role in ensuring it’s used to improve our customers’ workflow, processes, and decisions. Ratio is committed to providing full transparency into Eco recommendations to ensure fairness, trust, accountability of Eco results and recommendations.