ElectrifAi’s SpendAi has helped procurement by uncovering negotiating leverage, providing actionable savings recommendations, and de-risking their supply chain regardless of the current ERP system. Here are five ways to deliver high-value ROI for procurement in weeks

Vendor Negotiating Leverage

Your vendors may not have precisely the same name across various disparate systems in your enterprise from where this data is pulled. Furthermore, with M&A, their identities may change over time. SpendAi normalizes the names to a single entity allowing you to know the total spend with each unique vendor. Normalization, thus, creates an opportunity for negotiating volume discounts and more favorable terms.

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Industry-specific Taxonomy

The right taxonomy makes it easier to identify any problematic spend, and therefore realize savings. But creating a meaningful taxonomy is cumbersome and time-consuming. SpendAi brings unrivaled industry-specific Taxonomy that you can customize to your business needs. Organizing data in meaningful structures allows you to look at suppliers at multiple levels of a category, and broadening your spend with a supplier gives you negotiating leverage.

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Automated Spend Categorization

Classifying spend into a predetermined taxonomy has always been a challenge. It is an essential step towards developing spend management strategies but is both tedious and repetitive. SpendAi automatically classifies the bulk of the data with speed and accuracy, leaving a smaller subset of data for qualitative assessment by the procurement staff. The result: Improvement in strategic sourcing, cost reduction, and efficiency.

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Actionable Savings Insights

Do you find yourself beholden to data and having to look for insights from data manually? Whether you want to review spend at an aggregated level or scrutinize spend data at an granular level – your ML-driven dashboard should give you a holistic view. SpendAi automatically recommends new actionable savings, so you don’t have to look for them manually, and it continues to get better over time with more data.

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Risk Identification

Knowing your supply chain vulnerabilities is vital to ensuring supply shortages don’t impact production. It’s hard to monitor the health of tens of thousands of suppliers. Proactive steps to ensure you have a balanced approach to sourcing in the event of a geo-political crisis or natural calamities is critical. SpendAi’s actionable recommendations allow you to be in a better position by de-risking your challenges from supplier over-dependence.

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