Dilip Dubey, Founder & CEOToday, the biggest challenge in spend visibility and spend management is the inability to truly understand data at a granular level as businesses are typically overwhelmed by the vast amount of SKUs and vendors. Along with that, the software they are currently using is outdated and inefficient technology—leading to disparate and disconnected data that lacks the ability to provide valuable insights. While artificial intelligence (AI) holds the key to changing the future of procurement technology by streamlining spend data and bringing visibility into what the business is actually buying, most have yet to take full advantage of the benefits it offers. Many procurement solution providers have just begun adding AI into their product roadmap, but it is often very basic and can only reply based on pre-programmed rules. On the other hand, Xeeva has been offering AI-driven solutions from the start that go beyond simple and helpful tasks. As a procurement and sourcing expert, the company already has patents for its AI technology and more pending.
Xeeva is a full suite procurement and sourcing platform that connects customers and suppliers, making it easy to communicate, manage transactions, complete RFx events, and add invoices into the system. Xeeva’s business rules are configurable at the client level for invoice submission, validation, and three-way matching. The solution ensures that the suppliers’ payment terms and conditions are met and provides insight into suppliers’ performance. In addition, Xeeva’s solution provides unique two-way integration capabilities with all major ERP systems for orders and invoices. Powered by its patented AI, the company’s software suite reduces tactical procurement. Xeeva’s founder and CEO, Dilip Dubey, explains, “By converting ‘imperfect’ spend data into perfect intelligence, our solution provides unlimited potential with fewer resources and less effort.”
Xeeva is passionate about AI being the future of procurement and differentiates itself in the market through its patented AI, Xeebot. Xeebot carries out the basics such as spend analytics, task automation, and supplier management, but he can also handle more complex tasks. He does the heavy lifting to classify, categorize, enrich, de-dup, and provide attributions to spend data down to the line item level. In addition, Xeebot creates ways to save and eliminate overpayment, evaluates supplier bids to guide buyers in real time, and uncovers sustainable results from day one.
By converting ‘imperfect’ spend data into perfect intelligence, our solution provides unlimited potential with fewer resources and less effort
The effectiveness of Xeeva’s AI-powered platform provides unmatched value for its customers by driving real results. One of their customers, a $10 billion global automotive organization, had over 2.5 million lines of data that needed to be classified and staged for cost reduction. With poor data quality stored in multiple languages, the client was looking for help with the classification and enrichment of their spend data. After evaluating numerous solutions, the automotive giant zeroed in on Xeeva, as it was able to classify 30 percent more of the lines in about half the time it took the competitors. Xeeva’s patented AI technology extracted multiple data sets from many systems around the world. Once the data was received, Xeebot was able to quickly cleanse and analyze the data, which provided the customer with well-formed and classified data spanning indirect categories across locations all around the world. With Xeeva, they were able to quickly identify new savings opportunities and take action, leading to improved visibility into their catalog, awareness into how their team was living up to compliance thresholds, and massive savings.
Xeeva’s dedicated focus on AI technology has gained the company numerous industry recognitions recently, including being named a Gartner 2018 Cool Vendor for Procure-to-Pay Applications. With eyes set on enhancing its product suite, Xeeva is continuously working toward improving its technology to best suit the needs of existing and future customers. “We believe the future of procurement is AI and we intend to stay at the forefront of it by continuing to develop our AI technology to make the source-to-settle process more efficient,” concludes Dubey.