Procurement has more than ever to gain from advances in technology, and more to lose from falling behind. One area being disrupted right now is spend analytics in the plan-to-strategy process. Clarity into your spend is fundamental: it's the base on which strategic and operational decisions are made, including risk and ESG compliance.
But getting insight and seeing opportunity across global spend is a deeply time-consuming, repetitive process for most multinationals working with thousands of suppliers worldwide, especially on indirect spend. So people take shortcuts. Data isn't cleansed or enriched properly. The result is limited, high-level visibility into only a handful of categories.
of cost-saving opportunities are hidden in your data, without you knowing it.
That lack of accurate spend visibility restricts the amount of addressable spend, representing tens of millions in missed savings every year, and significant risk hidden in the tail.
Time to rewire spend analytics
With the latest innovations in technology and analytics, the lead time from capturing transactional data to presenting a business case with its associated opportunities and risk can be reduced dramatically, while substantially more savings are realized.
Today, the manual route to spend visibility has to be repeated several times a year. Many people across many functions are pulled in, and it still takes months to reach even a partial global view. Take a global multinational with three ERP systems, more than €800M in spend, over 8,000 suppliers, and a stack of procurement solutions (SAP, an S2C tool, a P2P tool, a spend cube). The struggles are familiar:
- Disparate data at different quality-maturity levels
- Inconsistent spend hierarchies and taxonomies across ERPs and tools
- Outdated, inaccurate supplier and transactional data
- Missing POs and limited context on invoices
- Many, many spreadsheets
Without automation and smart technology, a company can count itself lucky to reach 50% spend visibility, missing out on millions in savings while teams spend 60–70% of their time on data manipulation that generates no real value. We should be mad to keep working like this.
Leapfrog the manual process, and start saving millions
Combining deep procurement knowledge, artificial intelligence and workflow mechanisms, Mithra-AI automates the full end-to-end data harmonization and enrichment lifecycle, including opportunity identification and the generation of business cases, at high accuracy and confidence levels. People stay in the loop, focused on exception management rather than crunching.
Every time users open the Mithra cloud, they're met first with an updated list of newly ranked cost-saving opportunities, per category, at a very granular level. As they evaluate and adjust those opportunities, they can trigger our generative AI to produce a complete business case, every opportunity with its associated suppliers, transactions and identified risk. Because the case is derived directly from the automated harmonization and classification, lead times drop by more than 20×.
The impact you can make
Find the hidden millions
Surface the 30–40% of cost-saving opportunities currently buried in unclassified and unenriched spend.
Give 40% of the time back
Redirect your team away from data manipulation and toward sourcing strategy and value creation.
Redefine plan-to-strategy
Make spend visibility continuous instead of an annual scramble, and speed up the whole procurement process.
Seeing is believing. The fastest way to understand the shift is to watch it run on real spend, so let us show you a live demo using GenAI, from data harmonization through to an automated business case.