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.
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.
Guides Spend Optimization
ignio™ analyses spend data from multiple perspectives and delivers an exhaustive view of an organization’s procurement behavior. It surfaces opportunities to optimize spend by category, item, plant, vendor, payment terms, purchase methods and spend buckets. This increases the effectiveness of an organization’s efforts towards vendor rationalization, contracting and spend budgeting.
Realize better savings and compliance with Cognitive Procurement
ignio Cognitive Procurement is available as SaaS
ignio Cognitive Procurement is available as a scalable, cloud-hosted software-as-a-service(SaaS) with a subscription-based payment model. Get your SaaS instance up and running in just 1-2 days. Benefits range from low up-front costs, no worries about applying patches and installing latest upgrades. 99.9% service availability, encrypted data stores and anytime, anywhere accessibility