MUMBAI, India, Aug. 17 -- Intellectual Property India has published a patent application (202411087832 A) filed by Praveen Choudhary on November 13, 2024, for A System And Method For Sourcing Vendors Based On An Artificial Intelligence Model.
Inventor includes Praveen Choudhary.
The application for the patent was published on August 14, 2026, under issue no. 33/2026.
Abstract: The present invention discloses a system (100) for sourcing vendors using an artificial intelligence model (AISA), designed to automate vendor identification, negotiation, and evaluation processes. The system (100) comprises a requirements input interface (1) for receiving procurement details, a vendor database (2) for storing vendor information, an AI negotiation module (3) for autonomously securing competitive pricing, a vendor evaluation module (4) for generating vendor scorecards based on quality, delivery, and reliability, and a database module (5) for logging transactions and ratings. A corresponding method (200) includes steps of entering procurement data (210), identifying vendors (220), negotiating pricing (240), evaluating vendor profiles (260), selecting a vendor (280), and generating purchase orders (290). The AI model dynamically retrains using historic and real-time market data to recommend optimal vendors, ensuring unbiased selection, reduced procurement effort, and improved supply chain efficiency.
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