AI in Procurement: Free Yourself From Data Management
Procurement’s strategic potential is buried under millions of rows of spend data. That ends now. Our AI transforms raw data into an actionable spend profile so you can focus on impacting the business.
The Difference is Our Expertise
Even in a digitally enabled world, Procurement needs more than technology to elevate its strategic impact. That’s why our AI offering is paired with something only humans can bring to the table: experience.
Over the past 20 years, we’ve helped hundreds of procurement teams take charge of organizational spend. The result is a spend taxonomy purpose-built for Procurement and a cutting-edge artificial intelligence model trained on over $8 trillion of spend.
Thousands of files, each with their own formats and vendor naming conventions? We’ve trained our AI on trillions of dollars of real spend so it can identify, match, and normalize the various supplier names in your data.
- Efficiency through automation: Natural Language Processing and keyword sweep compare and match vendor names to automate the normalization process
- Thorough training: After decoding and pairing millions of vendor naming conventions, our AI is uniquely positioned to consolidate enterprise spend data.
- Built-in failsafe: Our AI makes suggestions, not decisions, and our implementation specialists work with clients to review them and make final decisions
Combined with constant client oversight, our AI rapidly breaks spend down into unique sourcing-level categories and subcategories to categorize 97% of your spend in a matter of days.
- Taxonomy: Ready-made and custom taxonomies built from decades of procurement consulting experience classify spend from a procurement perspective
- Machine learning: Our extensive data warehouse has trained the model to make highly informed suggestions
- Accuracy: Client involvement is the core of a successful implementation, so we review the model’s output and suggestions together to ensure the results match your expectations.
Armed with key third-party partnerships, we inject crucial information into our clients’ spend data so they can take their non-financial impact to the next level.
- ESG: Adding environmental, social, and governance data to your spend profile adds a new dimension to spend management.
- Diversity: Our partnerships put Procurement in the driver’s seat by giving you key diversity insights, metrics, and benchmarks
- Risk: Cybersecurity, supplier tier risk, and other risk data help you build a more resilient business as you analyze your spend.
Spend intelligence is only as strong as your ongoing access to real-time information. Our AI cleans and categorizes your new data with every refresh so you can focus on driving strategic impact.
- Machine learning: Our training data set is always growing, meaning our AI keeps your spend profile up to speed with industry developments.
- Custom rules: Our rules engine lets you plan for unique scenarios so you can be sure your data is always ingested correctly.
- Controlled autonomy: Procurement should be in control of its data, so our AI continues with a suggestion-based approach even after implementation.
Artificial Intelligence + Procurement Intelligence = Spend Intelligence
We combine the power of machine learning with the insights of procurement experience to help you organize, unearth, and execute on the opportunities hiding in your spend.
AI and you
At SpendHQ, technology will never remove humans from the process. Our AI makes powerful suggestions but leaves the final decision about normalization and categorization to you every time.
AI shortens the time to strategic impact.
Prior to SpendHQ, we didn’t know how accurate our data was and we would spend 2-3 weeks per quarter cleaning it up and making sense of it. Now can get the data we need in a matter of minutes.”
Before SpendHQ, I tried to pull data from our invoicing system, but it was basically useless. It was inaccurate and missing so much information. SpendHQ does a fantastic job consolidating spend data, making it useful.”
In the past, we may or may not get a timely response to data requests, because it took too long to clean and organize the data. Now, we can log into SpendHQ and get the information we need within a couple of minutes.”
Even when we had a S2P vendor, we were never successful in getting all the data across the enterprise. With SpendHQ, we can consolidate all the data and their system quickly harmonizes it.”
Get a Demo of Spend Intelligence
Learn more about our spend data processing solution and then see how all your spend insights come together in our easy-to-use app.