See beyond sight with ignio™ Cognitive Procurement

Enable procurement to tap into abundance while alleviating risk with Cognitive Procurement.

ignio Cognitive Procurement

Analyze. Monitor. Intercept.

In a future where procurement organizations will be sandwiched between impatient buyers and infinite suppliers, it is important that they figure out a way to not become the bottleneck to business growth. Cognitive Procurement brings in an AI based oversight mechanism into the Procure-to-Pay function that detects and predicts different types of procurement anomalies on time. It allows Procurement organizations to empower people and intervene only on a need basis to maintain the right balance of efficiency and agility.

Optimize unmanaged spend on goods by arresting maverick spending

Reduce transaction processing costs by preventing exceptions

Improve procurement compliance through guided interventions

Learns Procurement Behavior

ignio™ analyzes historical purchase orders to understand the procurement behavior of an organization at a granular level. It characterizes unmanaged spend behavior to derive normal price points for items and establishes transaction fingerprints. Who buys what from whom, at what rates and at what frequency? It also analyzes historical exceptions encountered during the procurement cycle and mines patterns that consistently drive such exceptions and lead to fallouts needing human intervention.

Detects Maverick Purchases

ignio™ monitors unmanaged spend on goods and proactively flags specific purchases or claims as mavericks based on undesirable price variance or some odd behavior. Organizations can prevent such purchase orders or claims from being approved after human scrutiny and save money. This is a handy tool to arrest price variances or detect attempts to game the system when purchases or claims below a certain amount are allowed a straight through processing through the system.

Predicts Likely Exceptions

ignio™ monitors live purchase orders and flags the ones that are likely to result in one or more exceptions downstream in the P2P process. It provides sufficient headroom to the procurement organization to take corrective action and prevent the exception from actually happening. These timely interventions help reduce the overall transaction processing cost because any fallout from an exception requires costly manual intervention. It also reduces the drag on the procurement cycle time which is important to business.

Get started on your exponential enterprise with ignio™ Cognitive Procurement