How to give category managers in procurement superpowers

Category managers invest significant time in stakeholder engagement, in data gathering, cleansing and analysis and in collecting key business requirements together with comprehending market dynamics to formulate the right category strategies. 

 

However, creating category strategies and communicating those effectively is only 50% of the process. The most impactful part of this process is preparation and execution of the defined strategies and reporting created business value. Unfortunately, here is where most of the category owners face many challenges that they cannot overcome. 

Mithra-Ai, recognized by Spend Matters as an innovative vendor and being a ”Future5”, wants to redefine how the Plan-to-Strategy process can be rewired in the benefit of category managers and procurement excellence teams.

How to give category managers in procurement superpowers

Category managers spend much time on stakeholder engagement, data analysis, and market understanding to create strategies. However, executing these strategies and reporting their value is challenging. Mithra-Ai, recognized by Spend Matters, aims to improve this process for category managers and procurement teams.

Seeing is Believing, Demo time! 

 

Imagine an augmented process where data analysis and visibility, opportunity assessment and validation, and monitoring execution is supported by A.I. agents. It allows category owners to solely focus on strategy development, stakeholder alignment (both internally and externally) and business impact recognition.

 

During your personalized demo we will show case how Mithra-ai can make your life much easier, much more fun and much more impactful.

Book your personalized demo

Key capabilities

See the magic of our product in just a few minutes!

Watch a short video of our product demo including the following items:

  • Category Opportunity  Dashboard
  • Business Case Generator
  • Supplier Normalization
  • Taxonomy Excellence
  • Spend (re)-classificaiton

The happy face of category managers

 

Category owners will experience tremendously reduction in stakeholder alignment efforts and can find at least 20% to 40% more opportunities.

Also, the yield in the execution will be significantly higher (over 40%) due to automated assist and the fast learning curve built into this process. Assuming 100 millions spend, the realized savings could be increased by an additional 6 to 10 millions.

Don’t miss out opportunities anymore!

🔥 NEW | Extracting contract insights for negotiations

 

Using NLP, contracts can now be mined for valuable data. Mithra-Ai enables you to cross-check spend transactions with key metrics of your contracts like payment terms, contract renewal or expiration dates. 

Benchmarking contract intelligence with market indexes shows the gap between a fluctuation of your commodity price and spend volume creating an opportunity to negotiate better prices and contract terms.

What can you achieve with Mithra-Ai?

Save between 9-15% of annual revenues 

  • Identify contract leaks and compliance

10% cost reduction on overall spend 

  • Supplier base optimization 

Reduce costs by 7% via contract renegotiation 

  • Price benchmarks 

Save 20 hours per month 

  • Productivity gains via automation and intelligence 
Download our capabilities brochure

Frequently Asked Questions

Mithra-Ai can connect with any data lake or internal system using standard techniques like API’s and we can also just upload spreadsheets in our secure cloud and share instant outcomes. We offer a hybrid solution with a focus on fast time-to-value and low IT effort. . 

The day of activation, you can already upload your spend spreadsheet in our secure cloud platform and minutes later you will have your first opportunity insights to start working on. With Mithra-Ai you will have fast time-to-value and instant ROI.

The accuracy and completeness depends also on your base case situation and to which level (L1…L7). We experience accuracy above 96% on datasets with millions of lines. Happy to explore how accurate our AI engine can be in your situation.  

Decisions should not be made on incomplete or missing data. MIthra uses artificial intelligence to not only harmonize and enirch your data (e.g find parent-child relationships) but also to accurately classify your spend data in the right sub-categories with the goal to give category owners a complete correct view of their category. Exceptionally, when the confidence level of the AI-engine is not high enough, it recommends options to the subject matter expert to make the choice. This is what we call human in the loop, and how we achieve very high confidence levels

Our technology allows us to execute POCs in days/weeks depending on the scope definition. Typical implementation times of traditional tools take months so it might be worthwhile to experience a new, cheaper, faster and more effective way to get spend visibility and insights.

We strongly believe in the concept of crawl, walk and run. Taking small steps with strong value delivery points will help you to convince stakeholders of doing a proof of value. Learning from our best practices we are here to guide you towards the right use case that brings the most value on short term. You can just book a free consult with us. We will explain our engagement path and sync it with your goal, budget and ambition. 

BOOK YOUR FREE CONSULT

Trusted by global brands

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