Spend Taxonomy Excellence
With category management becoming more important, having the right information and insights per category at your fingertips is crucial. For that, an optimized and meaningful category spend tree with accurately classified spend is a must-have. The spend framework (or taxonomy) is the DNA of any organization in terms of its spend. While being unique, it will go through changes together with the organization (think of acquisitions, new product development and change in supplier’s service dynamics).
Crafting a new taxonomy
When you don’t yet have a taxonomy for your indirect spend, or want to improve your taxonomy for your direct spend you can use our ”Taxonomy Builder” to receive your recommended master spend tree based on best practices, industry benchmarks and the MECE principle. MECE stands for mutually exclusive (ME) and collectively exhaustive (CE).
Seeing relationships
In case you have different taxonomies and don’t want to change them, you still might want to see the relationships between them and cross-reference. Could be taxonomies between entities or between the finance GL classification and your current procurement master tree. Having a meta-taxonomy layer will show more addressable spend and more untapped opportunities. Why miss out on millions of cost savings?
Seeing is Believing!
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 a consult for a free trial
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.
About us
Mithra-Ai develops a best-of-breed Cognitive Spend Intelligence SaaS platform for strategic procurement. The mission is to help procurement teams to shine by taking over tedious and time-consuming (low value, high volume) activities and letting them focus on high-impact decision-making and value realization for their organization. Mithra-Ai is built by and for procurement professionals to make data-driven decisions by providing them ‘continuous’ visibility and insights into their spend data. Companies need to source and procure more responsible, and this is where Mithra-Ai makes a positive impact. You cannot be responsible if you don’t have continuous full transparency and insight into your direct & indirect spend.
