Cognitive Procurement
Make better procurement decisions leveraging AI-based insights and recommendations.
Augmenting procurement teams
Harness the power of AI combined with human expertise to achieve highly accurate classified spend data. Utilize insights for optimizing tail spend and consolidating suppliers, allowing your business to stay ahead of the competition in a landscape of tight margins. Ultimately, present the most critical KPIs to CXOs as a single source of truth, ensuring clarity and informed decision-making.
Analyze spend behavior to identify optimization opportunities by obtaining actionable insights and recommendations. The insights are based on factors like purchase price variance, transaction delays, and exceptions in spend transactions. Recommendations focus on areas like spend segmentation and spend consolidation, enabling more effective management of resources and enhanced cost savings.
Continuously monitor live transactions in purchase orders (PO), purchase requisitions (PR), and invoices to identify anomalies at the source. This AI-based pattern mining approach eliminates the need for retrospective actions, allowing for proactive management of procurement-led issues. Additionally, you can act on the transactions directly through the same UI, ensuring compliance is maintained throughout the process.
Experience the benefits of actionable insights with ignio
Embark on a journey with ignio™ Cognitive Procurement, where insights find you when and where they matter, rather than chasing others for data.
Always on
Get relevant notifications, insights, and recommendations automatically without having to perform any analysis.
Blends enterprise and third-party data
Leverage the convenience of simply consuming insights generated by overlaying third-party data from multiple sources on your enterprise data.
Recommends and executes actions
Go beyond just charts and graphs. Leverage artificial intelligence technology to get the machine–generated recommendations and actions to improve your efficiency and effectiveness.
Go beyond fixed charts for enhanced insights
Blend internal and external KPIs to create a supplier reliability score for suppliers to measure their performance. The internal KPIs include timeliness, popularity, reliability, and pricing. The external KPIs include financial health, legal compliance, sustainability etc.
AI-based spend classification classifies spend data transactions using UNSPSC or any custom or industry-accepted taxonomy. Increases the classification accuracy by leveraging human-in-loop.
Analyze spend behavior to drive optimization by getting actionable insights and recommendations. The insights can be based on purchase price variance, delays, exceptions in spend transactions. Recommendations can be in areas of spend segmentation and spend consolidation.
Blend internal and external KPIs to create a supplier reliability score for your suppliers to measure their performance. The internal KPIs include timeliness, popularity, reliability, pricing. The external KPIs include Financial health, legal compliance, sustainability etc.
Mitigate risks and leverage opportunities to gain insights into category behaviors across the enterprise. These insights help consolidate suppliers, rectify payment terms, improve lead times, optimize price, and more.
Live monitoring of PR, PO and invoices using pre-defined controls to nip anomalies in the bud. It highlights transactions with payment term mismatches, high-risk or unregistered suppliers, and other actionable insights related to numerous purchase requests.
Improve the effectiveness of procurement
Increase savings
Identify immediate and long-term savings opportunities by continuously monitoring and analyzing spend to get out-of-the-box recommendations on spend consolidation, purchase price variance, sub-optimal supplier selections, and non-compliant transactions.
Reduce risks
Keep tabs on potential risks associated with the suppliers and categories to make better tactical and strategic decisions.
Improve compliance
Leverage ignio™ Cognitive Procurement to perform the due diligence for your spend transactions, suppliers and categories to ensure resilience of your business towards the non-compliance risks.
Stay ahead of the curve with ignio™ Cognitive Procurement
An AI–based spend intelligence software that continuously monitors the internal source-to-pay process and the external supplier market, to deliver on-demand insights and recommendations to procurement professionals.
Connect with our AI experts
Enable procurement to tap into abundance while reducing risk, increasing savings and avoiding non-compliance.
