David Austin COOEfficiency and cost reduction are goals of nearly every business but the complex nature of indirect procurement and sourcing can make it difficult to achieve those goals. Multiple systems and varied processes make it difficult to establish where value might be added in the procurement process, and all levels of an organization feel the pain of inefficient processes and higher costs. Fortunately, the strategic use of technology gives companies an opportunity to hone in on valuable cost savings for both the immediate- and long-term goals. This is where Xeeva comes into the picture with its e-procurement software helping companies recognize where value can be added back into the business by controlling indirect supply chain costs. David Austin, COO at Xeeva explains, “Procurement technology is becoming increasingly mature, which offers Xeeva an opportunity to expand functionality and capability. Historically, the focus has been on automating workflows and transactions, but today’s companies are in need of procurement technology that also provides optimization and acceleration. That’s what we do at Xeeva.”
Xeeva’s technology offerings work to accomplish a precise objective for all clients: driving cost savings through enhanced procurement and sourcing capabilities. Through the company’s sourcing solution, businesses can plan their cost reduction goals for the year, based on data gathered by Xeeva. Austin states, “Starting with the data helps us understand the company’s current environment, often better than they are able. Once we know what they spend, with whom, and to what extent, we can compare through our technology to determine what they should pay.”
Xeeva has developed specific benchmarks to help customers identify objectives and ideal spending. Austin continues, “Based on spend analytics, we can create a series of opportunities which are either large or small in nature. With technology that has business processes, workflows, milestones, and tracking built in, companies can start to execute on those opportunities. We call this our Sourcing Results solution.”
Xeeva’s work with Continental Structural Plastics (CSP), a large supplier of light weighting technologies to the automotive industry highlights its value for companies with far-reaching procurement and sourcing needs.
Xeeva is expanding into even more industries, and working to make procurement and sourcing processes more efficient with the help of innovative enhancements to our current technology and partnerships with new tech
The supplier operates multiple plants throughout North America, Europe and China creating a challenge in driving cost out of the supply chain. Even when they were able to negotiate a national contract with an indirect supplier, there were no easy means to implement the contract across plants to ensure they purchased off that contract. Xeeva helped the customer gain visibility and control over the indirect costs and MRO materials purchased throughout its large operation. Through identifying the first set of projects where sourcing could be done, CSP was able to save in new areas, and thanks to Xeeva’s e-procurement platform, they were able to ensure compliance with the improved pricing.
Austin shares his excitement about being a part of a fast-growing company in an equally fast-paced industry, stating, “Xeeva is expanding into even more industries, and working to make procurement and sourcing processes more efficient with the help of innovative enhancements to our current technology and partnerships with new tech.” He also explains that the company is focused on embedding additional intelligence found in subject matter expertise and in data into its procurement and sourcing technology. These advancements leverage machine learning and artificial intelligence. Key to Xeeva’s future success, the company continues to drive cost savings for its customers by retaining diversified talent and encouraging them to further develop the user experience and interaction with Xeeva’s intelligent technology suite.