BFSI

Advanced spend analytics and procurement capabilities to reduce costs

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Challenges

The client is a leading agricultural company that needed insights into company-wide direct and indirect spend. There was no centralized procurement function across more than 20 offices and five different systems.

Solutions

ElectrifAi solution realized spend visibility from 4 data sources through: Data Validation, Data Cleansing and Consolidation, Vendor Clustering and Parenting, Spend Classification, Data Extraction and Upload to Spend Analysis platform (EIQ)

Outcomes

$2M
spend savings realized in first year
99%
categorization of both direct and indirect spend
50%
supplier compression

Realized spend savings of $2M in first year and projected spend $2M savings for the following year. 6-week deployment timeline with 99% categorization of both direct and indirect spend. Automated alerts when a buyer purchased outside of company-defined purchasing agreements. SpendAi provided 50% Supplier Compression with 99.8% of total spend classified.

Retail

Enhanced company-wide spend visibility, higher supplier negotiating leverage, and 98% spend classified

Healthcare

Enhanced company-wide spend visibility, 25% supplier compression, and 99.5% spend classification

Retail

Identified saving opportunities with negotiating leverage and 99% total spend category classification