ElectrifAi
September 22, 2022

Spend Intelligence: How to save 2-4% on your spend in 6-8 weeks

Business spend has taken on a whole new dimension as it adapts to evolving complexities– supply chain disruptions, geopolitical upheavals, and inflationary pressures that dramatically increase input costs. Procurement must not only meet these challenges but also gear up for the unknown disruptions lurking behind the horizon.

Data-driven companies make decisions fueled by the “power” of their data. Typically, this involves leveraging machine learning and AI. ElectrifAi’s SpendAi is a high-value pre-built ML solution that helps enterprises achieve meaningful business outcomes such as spend savings while also de-risking the procurement process.

The following five levers are essential to driving spend savings and de-risking sourcing:
Unique Vendor Identification: Negotiating leverage & volume discounts

With time user entry errors end up expressing the same vendor differently. M&As also add to the confusion. Identifying the unique vendor helps aggregate contracts and POs leading to favorable agreements with volume discounts. …learn more

Taxonomy: A Structured Framework

A taxonomy that aligns with your specific industry and business allows you to compare your spend against industry benchmarks and identify any outliers. The right categorization gives you granularity that makes it easier for you to identify any problematic spend, which can then be resolved to realize spend savings. …learn more

ML-based Categorization: Visibility into where your money goes

It is an essential step; accurate and organized spend data is crucial in developing spend management strategies. SpendAi can organize a significant chunk of the data into the taxonomy, leaving a smaller subset of data for qualitative assessment by the procurement staff. …learn more

Discover New Savings

Whether you want to review spend at an aggregated level or scrutinize spend data at a granular level – SpendAi’s ML-driven dashboard generates actionable insights ata scale not possible by humans. …learn more

Reduce supply risk

Actionable recommendations around suppliers can identify the risk of too few or too many suppliers – SpendAi helps you get the right balance. All these work towards reducing the impact of disruptions. …learn more

 

ElectrifAi: US’ leading ML solutions provider

ElectrifAi is one of the US’ leading ML solutions providers with an extensive library of pre-built solutions 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, LifeSciences, Hospitality, Retail, Chemicals, Oil & Gas, Telecom, Insurance etc. The insights generated by our ML solutions help our clients realize savings in 6-8 weeks.

Our solution 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 solution that sits on the top to solve specific business problems and bring about savings. Contact us to reimagine your business with last mile AI!

You have data, we have solutions!

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