The role of Procurement has never been this important before. Inflation is at a 40-year high, with increasing input costs and supply challenges. The world is slowing down and most expect we are headed towards a recession; but we have been here before.
The economic headwinds are not new to corporate America. Procurement has helped deal with this in the past and the promise was echoed at ProcureCon Indirect West, an industry-leading conference for procurement professionals. ElectrifAi was the lead sponsor and addressed this topic.
Here is what we heard from attendees at ProcureCon:
We agree with the assessment and believe the solution lies in the answers to the following five questions. We know it works because we always deliver 2-4% savings in 6-8 weeks. Let’s take a closer look.
Are you dealing with too many vendors? Do you know how many unique suppliers you have factoring in for mis-keyed entries, variations, and mergers and acquisitions (M&As)? You need a vendor compression with ML assist to drive supplier data normalization and to identify the best payment agreements favorable to your business.
As a result, strategic sourcing delivers savings with higher-order value. Supplier compression with ML assist also drives better-negotiating leverage and helps you realize savings with strategic sourcing.
Do you spend hours classifying your data? Our ML-based solution, SpendAi, brings you unrivaled industry-specific taxonomy defined by experts from your industry that you can customize and align to supply markets.
Have you ever faced the problem where you are trying to categorize an item that does not fit in the given set? Wouldn't you love to break free from the time-consuming recategorization? SpendAi's ML-based categorization cuts time to value for any business.
Rules are hard to maintain manually. Let ML do the heavy lifting.
Dashboards are useless if you need to dig deep to figure out the savings. Don't work for the data – let the data work for you. SpendAi gives you actionable recommendations, so you don't have to waste time analyzing your data to find savings.
SpendAi helps procurement organizations realize savings rapidly through:
These lead to savings and de-risk your business. The insights generated from SpendAi help our clients realize 2-4% savings in 6-8 weeks. In addition, it provides specific recommendations to mitigate supply chain risks. All this is done with zero data quality requirements and zero need for a data science team.
You probably have many platforms, and they may even be working. We are not one more new platform. The truth is, we don't make platforms … we make platforms better. We don't generate data … we make data actionable!
We are the last mile that sits on the top to solve specific business problems and bring about savings.
We have seen many companies dealing with procurement struggles. And we have helped them through those challenges to see actual results that cut costs, reduce risks, and increase revenue.
We demonstrated how SpendAi helps companies save 2-4% in less than two months. We explored whether businesses are genuinely aware of the hidden leverage they have in their supplier data.
Some of our customer highlights:
A leading Fortune 100 chemical manufacturer accelerated visibility into their vendor spend categories and delivered on client expectations for cost reductions. The results exceeded targeted cost reduction by 7.5%, tangible results seen within 30 days, and 98% classification of vendor spend in organized categories.
A global communications provider gained unprecedented insights into their spend. The results saw $125M reduced supply chain expenses annually. Their spend now amounts to just 3.8% of revenue compared to 4.4% for best in class and supply chain reduction of 50% within 5 years.
We helped a Fortune 5 company reduce the number of multiple supplier entries, resulting in immediate cost savings with enhanced spend visibility and 5X supplier compression.
These customer success stories were discussed in our presentation during ProcureCon by our SVP of Sales, Ashley Cline: "Stories from the Frontlines – Actionable ML-Driven Insights to Realize 2-4% Savings. Mitigate Supplier Risk in 2 Months."
This presentation was a huge success with 200 people in attendance.
“Throughout the conference, I heard over and over again I have issues with messy data and visibility getting into the data from different systems. I focused the presentation to address that issue. If you don’t have clean and structured data, you’re going to have a difficult time making any solid business decisions from that data. With our SpendAi, it doesn’t matter how messy your data is, we can get you the actionable insights you need to start saving in weeks.” – Ashley Cline, ElectrifAi SVP of Sales
We hosted a happy hour at Ko'Sin, a Southwestern-themed restaurant at the Grand Sheraton where ProcureCon took place. 20 people joined us. It was great to wind down and get to know the attendees better in a more relaxed environment in a room sectioned off just for us.
“It was a lot of fun with some great conversations. People asked if they really can see results in 6-8 weeks as well as the difference between ML versus rule-based systems. We then ended the evening singing Karaoke with clients.” – Ashley Cline
We had a great time exhibiting at ProcureCon and look forward to growing a better connection with the great people we met. If you missed us at ProcureCon and want to learn how SpendAi can help your organization, reach out to us today!