Manufacturing
Gained complete spend visibility with realized savings of $2M in one fiscal year and 99% spend categorization
Manufacturing
Leveraged global purchasing power through supplier consolidation resulting in spend reduction of 3% YoY
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.
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.
Exceeded targeted cost reduction objective by 7.5% more for indirect and direct spend categories that came from the bottom 20% of spend. Yielded tangible results starting 30 days after solution deployment. 98% classification of vendor spend in organized categories.
