Chemicals

Exceeded targeted cost reduction objective by 7.5% with 98% classification of vendor spend in organized categories

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Challenges

The client—a leading chemical manufacturer—had no spend control in place due to overwhelming data including too much inaccessible data. Inefficient business process and lack of consistency across spend categories. Lack of visibility into spend categories. No actionable insights to control cost and savings.

Solutions

ElectrifAi machine learning based solution normalized, standardized and classified raw data using advanced machine learning models. Classified data resulted in efficient process which combined with actionable insights, helped renegotiating contracts suppliers. Provided ability to compare solutions and create development plans and capabilities to hone procurement expertise and sources enabled deeper understanding of supplier relationships.

Outcomes

7.5%
Exceeded targeted cost reduction objective
30 days
from deployment to tangible results
98%
classification of vendor spend