February 21, 2023

Making every dollar count with SpendAi

With recession looming large over the economy and prices and labor costs rising at an alarming rate, companies are wondering how to weather the impending storm with minimum damage. In business, as in life, when turbulent waves rock the boat, the biggest casualty is always “spending.” And to keep a check on spending, companies often resort to layoffs—an inevitable reality during a recession. While losing a job is hard on the employees, it is an equal loss for organizations as well, in terms of knowledge, expertise, recruitment and training costs, productivity decrease, and more. Coupled with other stringent cost-cutting exercises, companies often struggle to save enough funds or fail to invest in key areas that give them a strategic advantage in times of adverse situations.

After all, every dollar saved is a dollar earned!

In such a challenging and uncertain business landscape, how can midsized and large global enterprises ensure they spend the right amount to procure the right quality in the right quantity at the right time for the right price and from the right source?

It’s time to maximize the value of each dollar you spend for your business.

Data: The untapped secret weapon to redefine spend management

Spend analytics plays a crucial role by providing impactful data-driven insights to manage cost and risk. Unfortunately, such insights are hard to come by and have been promised by procurement products. Most offer basic out-of-the-box, rule-based reporting for a single data source. What is also clear is that companies don't need a whole new data platform built from the ground up, with several years to deliver or no end in sight.

The need of the hour is a product that is pre-built, containerized, can deliver value in 6-8 weeks, work with multiple data sources, support rule-based and Machine Learning (ML), and help businesses optimize spend rapidly. Welcome to the amazing world of Consequential Ai!

SpendAi: The next-gen spend management game changer

It’s time to close those bulky spreadsheets and open new avenues to make data work for you through the power of AI and Machine Learning. SpendAi empowers you to do exactly that! You can derive actionable insights in 6-8 weeks, making it a strategically critical capability to help you negotiate, streamline, and mitigate supply risks. On average our clients see 2% to 4% saving with return on investment (ROI) under a quarter or two from go-live.

At its core, SpendAi works with large volumes of data across multiple sources to:

  • Streamline and provide insights on suppliers that need review. 
  • Trigger continuous normalization to weed out duplicates resulting from mergers and acquisitions (M&A), thus ensuring that the most favorable payment and terms are applied. 
  • Leverage a well-defined categorization framework and robust merchant matching algorithms requiring minimal configuration.

The ML algorithms ensure that suppliers are placed in the right verticals and mapped to the business's appropriate categories. The model also keeps a discerning eye on the supplier's profile, especially as it relates to risks so that tier-two or tier-three suppliers can be brought into the mix.

ElectrifAi’s SpendAi allows businesses to look across different categories and payment structures to achieve a deeper understanding of their spending. Our product helps businesses navigate the maze of uncertainties in today's global environment, equipping them with control levers and insights.

Sounds exciting? Contact us to know more about SpendAi and how it can help you explore ways to transform procurement, capture value, and bring a lasting competitive business advantage.

After all, every dollar saved is every dollar earned!

ElectrifAi: US' leading ML products provider

ElectrifAi is one of the US' leading ML products providers, with an extensive library of pre-built ML products enabling our clients to capture tangible benefits quickly. We work with the C-suite to understand and solve business problems through data and machine learning in diverse industries such as Higher Ed, BFSI, Life Sciences, Hospitality, Retail, Chemicals, Oil & Gas, Telecom, Insurance, etc. The insights generated by our ML products, such as ContactCenterAi, ReputationAi, InventoryOptimizationAi, RevCaptureAi and other products, have helped our clients realize consequential business outcomes in 6-8 weeks.

Our product does not require investment in a new platform or infrastructure. Instead, we leverage the data existing in your system to power the ML models to deliver business outcomes.

We are the last-mile product that sits on the top to solve specific business problems and bring about savings. Contact us to learn more!