Timely, accurate, and usable spend analytics in a turbulent world

February 27, 2024

The geopolitical upheaval resulting from the war has further exacerbated the challenges of high cost and supply volatility for fuel, food, and fertilizer.The input costs for businesses have also been rising with rising labor costsand manufacturing and supply disruptions from COVID lockdowns. 

Companies are in unchartered waters and are looking for a quick way to turn things around and not pass these costs on to their clients. How they deal with this crisis in decades will decide the winner.

Spend analytics plays a crucial role by providing impactful data-driven insights to manage cost and risk. Unfortunately, such insights are hard to come by and have been promised by procurement products, that offer basic, out-of-the-box,rule-based reporting for a single data source. What is also clear is that companies don't need a whole new data platform built from the ground up, with several years to deliver or no end in sight.

The need of the hour is a product that can deliver value in 6-8 weeks, work with multiple data sources, support rule-based and machine learning (ML), and help businesses optimize spend rapidly. 

Our product SpendAi for spend analytics, does just that. We deliver actionable insights in 6-8 weeks, making it a strategically critical capability for our clients. SpendAi helps negotiate, streamline, and mitigate supply risks. On average, our clients see 2% to 4% savings with return on investment (ROI) under a quarter or two from go-live.

At its core, SpendAi works with large volumes of data across multiple sources to:

-Streamline and provide insights on suppliers that need review. 

- Trigger continuous normalization to weed out duplicates resulting from mergers and acquisitions (M&A), thus ensuring that the most favorable payment and terms are applied. 

-Leverage a well-defined categorization framework and robust merchant matching algorithms requiring minimal configuration. 

The ML algorithms ensure suppliers are placed in the right verticals and mapped to the business's appropriate categories. The model also keeps a discerning eye on the supplier's profile, especially regarding risks, so tier two or three suppliers can be brought into the mix. 

ElectrifAi's SpendAi allows businesses to look across different categories and payment structures to understand their spend better. Our product helps companies to navigate the maze of uncertainties in today's global environment, equipping them with timely, accurate, and usable spend analytics in a turbulent world.

Turn the current crises into your opportunity and start seeing results in 6 to 8 weeks. 

Contact us today to learn more.