Global AI leader launches product for spend and contract data to reduce risk and lower costs
ElectrifAi, a global leader in practical artificial intelligence (AI) and machine learning (ML) products, today announced the release of ProcurementAi, a cloud-based SaaS product utilizing AI to provide real time actionable insights into spend and contract data.
Using advanced machine learning technology, ProcurementAi uncovers unparalleled insights into spending, savings and risk, enabling business leaders to make better strategic decisions and move faster than ever before. The new solution from ElectrifAi enables Chief Procurement Officers (CPOs) to have extreme confidence in the data – when making a decision, they have the whole picture and all critical information. This includes analyzing costs in “tail spend” which have, up to now, been nearly impossible to address. Because the technology connects contract and spend data together, CPOs can continually monitor and ensure that what is happening with company spending and suppliers is actually what should be happening.
“ProcurementAi has given us the confidence and visualization of our spend and contract data to make better choices with the way we run our business,” explains Ocean Spray Senior Manager, Capital Management & Indirect Procurement, Phil Parks. “We have the intuitive visibility of enriched, classified and consolidated spend data in a way we have never seen before, and that insight has been critical in assessing our spend and capturing savings.”
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The new product, available March 31, 2020, represents the future of the CPO’s office – the ability to understand and direct spending strategy from a dashboard. In the past it has been nearly impossible for CPO’s to have a complete, extremely accurate view on this level of information.
Historically the most significant hurdle for CPOs has been the global, distributed nature of systems with this data. Now, ElectrifAi’s technology overcomes this challenge, offering actionable insights no matter the complexity of the underlying spend and contract data. ProcurementAi delves deeply into this data to identify cost patterns and link them to contractual terms, allowing for more favorable negotiations with suppliers and vendors. The product also scours every contract to look for unseen risks using over 50 advanced AI models to recommend savings, efficiency and risk reduction opportunities.
“ElectrifAi’s ProcurementAi is used by some of the world’s largest corporations spending billions of dollars every month,” explains Edward Scott, ElectrifAi CEO. “We have processed and analyzed over $6 trillion of client spending data from some of the largest and most notable companies. In most cases, ProcurementAi has been critical to reducing risk and costs significantly – achieving cost reductions of tens of millions of dollars in just the first few months. Given the substantial impacts of COVID-19 on the economy, this technology comes into the market at a critical time. Organizations with global visibility and actionable insights into their cost and contract data have a substantial advantage over their competitors who are using older, more unwieldy technology.”
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